 | How many of us own property overseas?Article Published: 20:19 30/10/2007Article Classification: France |
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A new study from the Department for Communities and Local Government (DCLG), which looked at property trends in England, has revealed a detailed profile of the English buyer.
In 2006, there were 20.8million households in England of which 14.6million were owner-occupiers, 3.7million social renters and 2.5million private tenants. The DCLG’s research found that there were around 242,000 English households that owned a second property in England and 36,000 households with a second property in Wales or Scotland.
A further 211,000 households own a second home outside the UK of which 34% are in Spain and 23% in France. Italy and Portugal each accounted for 2% of England’s second home ownership abroad, while 16% owned property in what the study referred to as ‘other European countries’. The US (6%) was the standout location for non-European property ownership, while 17% of English second homeowners owned a property in ‘other non-European countries’.
The number of English people buying a property abroad has risen by more than 60% from 129,000 in 2000/2001 to 211,000 last year, according to the report. Some 60% of these buyers are aged between 45-64. Interestingly, only 38% of people in this age group own a property in England, consistent with the fact that 54% of second home owners say their main motivation for buying was to own a holiday or retirement home.
Varying estimates
It's difficult for anyone in the industry to gauge the true level of demand or home ownership overseas because several respected sources of data differ considerably. For example, the Office of National Statistics claimed in 2005 that it was 257,000; a study by Grant Thornton and Lombard Street Research said in 2006 that it was 300,000; a survey by Mintel in 2006 claimed it was 800,000; while a poll undertaken by ICM for Barclays claimed it was 2million in 2005.
These surveys offer some useful insights into buyer trends and profiles, in terms of age range and how they fund the purchase, but there is an ever-growing range of surveys and sources to collate to get a clear or definitive picture - with currency providers like HiFX now producing monthly indices on buyer demand based on transactions.
OPP Knowledge, a new venture from the publishers of OPP, has been working with research partner Datamonitor to produce the first definitive 'census' of the overseas property industry. It has focused on a comprehensive range of factors to provide anyone involved in the sale and marketing of overseas property with some definitive sources of data to help them make more informed decisions.
"The research process has has been multi-tiered and kicked off with an extensive consumer survey that has been completed by over 4,800 UK and Irish consumers," said Neil Hendry, Consultancy Director EMEA Consumer Markets for Datamonitor. "In addition, over 1,000 estate agents and property developers, based domestically and overseas, have completed in-depth telephone surveys providing their understanding and expectations of future developments in the market."
The first industry census will be launched at OPPLive, which takes place at ExCeL London on 4th and 5th December. To find out more about the event, and the 50 panels and seminars at this year's conference and exhibition, visit the web site at www.opplive.org.uk.
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