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• Savills estimate that there are currently 425,000 UK owned overseas properties. This is an increase of 35,000 units in the past 12 months with the total value of UK foreign owned property now stands at £58 billion.
•  The price differential between overseas and UK second homes is a key driver of demand. Most UK buyers estimate that they will have an average budget of £225,000 to fund their next overseas purchase, and aspire to buying a house.
• An ideal holiday location was rated the most important factor behind purchasing a property. This explains why purchasers continued to buy property in locations where capital growth had slowed or even turned negative.
• Since 2000, the number of second home owners personally financing their overseas acquisitions has fallen from 80% to just 20% in 2007, which reflects the high levels of liquidity in mortgage markets, especially in the US and Spain.
• Fly to let investors target locations that are served by low cost airlines and where there is good rental potential. They have capitalised on the rising popularity in city breaks.
• Investors' typical rental period was 18 weeks in 2007 with average weekly rents of £549 and gross yields of 5.4%. The average capital value for investors was £182,000,which was 21% lower than the average for leisure buyers.
• In contrast to investors, leisure buyers including retirement home owners, tend to use less mortgage finance when buying their overseas property, and their motivation for renting out their property is to avoid it standing empty.
• Whilst the issue of climate change is an important concern for the majority of second home owners, two-thirds of respondents felt that a rise in green taxes would not impact upon their travel to a property.
• We anticipate slower growth in second home buying activity in the next 24 months, nonetheless, buyers remain optimistic over the long term.

Contact Information Jacqui Daly +44 (0) 20 7016 3779 jdaly@savills.com

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