Overseas property is more affordable
Wednesday July 2nd , 2008
Property experts have said that owning a second home abroad is becoming more and more common in the UK.
According to Michael Ball, an economist at the Royal Institution of Chartered Surveyors, this is because foreign properties are now highly affordable.
As a result, they are within the financial reach of a much larger proportion of the British population than they were in the past.
Speaking to Newsweek, Mr Ball commented: "What was only feasible for the very rich in the 1950s and 1960s is now becoming commonplace."
He added that the relatively low cost of building materials and household goods, such as furniture, electronics and kitchen units, has also played a part.
Mr Ball said that in the last the few decades, the price of these items has "fallen dramatically".
The Office for National Statistics recently revealed that Spain is currently one of the most popular foreign markets among property buyers from the UK.
