New! Savills Market Snapshot UK Second Homes OverseasBy Frank Schmitz • Mar 4th, 2010 • Category: Quinta Lifestyle
In 2009 Savills International Research and HomeAway.co.uk conducted an online survey of UK overseas second home owners attracting 1,200 respondents. Analysis of the survey shows trends in buying activity over the last decade and gauges market sentiment in today’s economic climate.
Whilst UK overseas home ownership has doubled since 2001 (see Figure 1) recent global recessionary trends have seen take-up levels dramatically slow. Confidence started to ebb in mid 2007 but it was not until the banking crisis in September 2008 that overseas property purchasing ground to a halt. By spring 2009 Savills International noted that interest in international holiday homes had returned, albeit at far lower levels than previous years. The market has now reverted back to traditional, end-user buyers (as opposed to investors), and mostly in traditional, established hotspots.