Holiday homes 'still popular with lifestyle buyers'
The credit crunch is not putting lifestyle buyers off purchasing an overseas property, an expert has stated.
According to Jacqui Daly of Savills, over-50s in particular appear to be very keen on the idea of spending time in a holiday home abroad.
Speaking to the Guardian, she said this is because many in this age group have plenty of equity and do not need to take out a mortgage.
"They're still heading for the sun," she commented.
"Lifestyle buyers just want to relax and don't worry about renting out or selling for a profit."
Indeed, Ms Daly has predicted that the recent changes in the economic climate could lead to lifestyle buyers dominating the overseas property market in the near future.
According to a study by Savills and Holiday-Rentals, people from the UK now own 425,000 foreign properties.
Estimates suggest that these are collectively worth in the region of £58 billion.
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