Three out of four would splash £130,000 on holiday home

02 July 2004
New research has shown that three out of every four people would like a holiday home and that most would splash up to £130,000 on one.

More than 40 per cent of these potential buyers rate not having to learn the local language as the most important factor when buying abroad.

Spain may still be the most popular buyer destination, but English-speaking United States and the UK come a close second and third as the most appealing places to buy.

These results come from the Norwich Union Holiday Home poll, which shows over two-thirds (70 per cent) say the biggest advantage to having a holiday home would be the ability to share it with family and friends.

However, almost four in ten of those questioned say that they would be most put off buying a second home by the red tape.

The product development manger at Norwich Union, Steve Minns says: "More and more people are being tempted to invest in a place in the sun, thanks to the availability of cheap flights and TV shows featuring inspirational stories about people buying their dream holiday home."

He added: "However, as with any home, there are still the issues of maintenance, repairs and making sure it's safe and secure."

Norwich Union has compiled an advice list for oversees buyers which includes hints such as the need to properly research the area rather than buying on a holiday whim.

Also, buyers should use qualified professionals who are proficient in the country's laws and processes, and who can advise on all the costs involved.

It's estimated that 152,000 people own a second home in Great Britain and a further 147,000 have properties outside the country.