The big dilemma on Costa costs is not finding, but financing
By Stephen Ellis
(Filed: 09/03/2006)

‘Morepeople than ever, even expats, are opting to beat the winter blues with a second property overseas where it is warm all year round - but whatis the best way to pay for it?’

The number of Britons owning second homes abroad now exceeds a quarter of a million people, at 257,000.

Anofficial report today says British families have invested more than 23GBP billion in overseas property, with most of that invested in Spain and France although increasing numbers are turning to Canada, the Caribbean and New Zealand.

But people buying villas and apartments have been blamed for soaring house prices in areas of France, Spain and Italy.

Figuresreleased by the Office for National Statistics show that more than amillion families in England own a second home, the vast majority ofwhich (72 per cent) are in England, with five per cent in Wales andScotland, and the remainder overseas.

“In recent years theincreasing affordability and accessibility of foreign property marketshas contributed to a rise in the number of UK households that ownsecond homes abroad,” the report, Social Trends, says.

“Between 1999-2000 and 2003-4 the number increased by 45 per cent.”