Travel News

Holiday home owners 'downsize' - 03/08/2007

Excellent! Very Good Good Fair Poor

Why not be the first to rate this article?

Older UK residents are opting to downsize and sell their holiday homes in order to repatriate their money to the UK, it has been revealed.

According to UK provider of foreign exchange and cash deposit services HiFX, the number of people engaging in this activity doubled last year and looks set to grow further.

HiFX claims that in 2007 there has been a "dramatic increase" in the numbers of people bringing money back to the UK as those who originally bought properties abroad when they were younger are downsizing as they get older.

"According to our figures it now seems that these 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," commented Mark Bodega from HiFX.

He noted that the overseas property market began to first show signs of development 20 years ago.

According to the research from the currency exchange specialist, a fifth of those repatriating money from France are over 65 years of age, while 77 per cent are aged 55 or above.

Earlier this year, HiFX reported that Spain was the top choice of destination for those wishing to purchase property abroad.

© Adfero

Back to Index