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'Foreign Property To Fight Credit Crunch Fall-out' |
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(23rd September 2008)
Buying abroad could be a good option for people looking to avoid the effects of the credit crunch in the UK, claims Cater Allen Private Bank.
More than three million people will opt for investing in a foreign property in the next two years as opposed to buying in the UK, the financial services provider claims.
And Cater Allen said of those buying abroad, 42 per cent will be doing it solely as an investment opportunity.
Marketing manager at Cater Allen Sally Watts said: "With concerns that a deteriorating property market will not guarantee the returns that people expect from buying a property, more and more people are investigating how they can find investment returns elsewhere."
According to the bank, 2.3 million Brits own property abroad and of those 500,000 have used foreign property as an investment vehicle.
In related news, Dragon's Den star James Caan will be attending an overseas property forum hosted by the National Association of Estate Agents.
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