People in UK 'cashing in on overseas property'

06 August 2007
The amount of Britons cashing in on the overseas property boom has increased, it has been revealed.

Research from currency specialists HiFX has found that ex-patriots living overseas are downsizing or selling their homes abroad in order to capitalise on the interest shown in living away from Britain.

It appears as if, after the initial wave of Brits hit the continent in droves 20 years ago, they are now making way for the next generation, commented Mark Bodega, spokesman for the company.

"People are either downsizing to smaller properties or selling their holiday homes now that their families have grown up and are sending money home; only to be replaced by a whole new generation of buyers," he said.

Meanwhile, an expert has called on those planning to move abroad to do their homework and research where they are going to live beforehand.

They need to "be very clear", commented Mark Stucklin, spokesperson for Spanishpropertyinsight.com.

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