British buyers look to overseas property

The number of British property buyers willing to purchase abroad could be set to double.

According to research carried out by Cater Allen Private Bank, the domestic credit squeeze has caused more potential investors to look further afield, and three million Brits now say they are likely to buy a foreign property in the next two years.

Steve Dawkins, managing director of Real Estate TV, said that people were becoming ‘disillusioned’ with the UK property market.

He said: “Overseas bargains become more appealing at times like this and people are beginning to realise that there is investment potential out there, it just may not currently be on their doorstep.”

The Cater Allen study revealed that 2.3 million British people already own an overseas property, with Londoners the most likely to buy abroad.

Of those considering a purchase in the next two years, the over-45s are the most keen.

Around 25% of current buyers are getting into overseas markets for investment purposes, but the research claims that figure could soar to 42% by the end of 2010, due to limited property investment opportunities at home.