Fewer people taking package holidays
The number of people taking package holidays abroad is on the wane, according to a new study.
Research by Foreign Currency Direct revealed that factors such as low-cost airlines and the convenience of booking online are hitting this sector, reports Travel Weekly.
However, the firm believes that an increase in the number of people who own holiday homes abroad has also played a part.
Figures from the group showed that foreign property owners visit their residence about five times a year on average, while one in five allow friends and relatives to use it for free.
Peter Ellis, chief executive of Foreign Currency Direct, commented: "We're increasingly money-rich, time-poor, so there has been significant growth in demand for short breaks rather than 7/14 holidays."
This, he added, is better suited to those with access to an overseas property than a traditional package holiday.
According to research by A Place in the Sun Live, holidaymakers from the UK are most likely to consider possible acquisitions while abroad.
The survey showed that 61 per cent of those from London have looked in an estate agent's window while on holiday in order to find a property.
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