Foreign property ownership 'has gone up in recent years'
The number of British-owned overseas properties has gone up by more than half in the last five years, a new study has found.
According to research by Savills and Holiday-Rentals, there are currently about 425,000 foreign residences owned by people in the UK.
Figures showed that this is 55% up on the amount recorded in 2003 and an increase of 35,000 units on this time last year.
The study also found that the property in Europe is proving to be particularly popular with British buyers, as most are favouring traditional markets such as Spain.
Indeed, this country was said to account for more than a third of all British-owned foreign properties.
Meanwhile, statistics showed that France is the next most popular destination, accounting for nearly a quarter of all second homes abroad.
Savills and Holiday-Rentals added that collectively, overseas properties owned by people from the UK are collectively worth about £58 billion.
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