The number of people owning a house abroad could rise to record levels this year, according to a report out today.
Overseas second home owners increased from 550,000 to 800,000 in the two years to 2006, foreign exchange firm Moneycorp said. Shropshire property buyers are among those who have started to take advantage of lower prices and better weather on the continent, compared with those in Britain.
Cary Evans, who runs Shrewsbury-based property development firm BulgarianHomesOnline.net said people were starting to look at alternatives to the traditional haunts of France and Spain when buying an overseas home.
Mr Evans said the amount of people from Shropshire who are looking to buy property in Bulgaria has at least doubled.
He said: “The market for buying homes overseas is buoyant and it is not just a Shropshire, or even a British trend; people are coming from all over the world.
“One of the reasons is that the price of living in Bulgaria, and other foreign countries is so cheap. It is about 30p for a pint of beer, and you can have a really good meal for £1.50.
“It is also cheaper to buy property in Bulgaria. In the UK for a three bedroomed semi-detached house you would expect to pay between £120,000 and £250,000, but over there you can set your own budget.
“You can buy a house for £500 if you want, and you can’t do that in France or Spain any more because more people have cottoned on to the fact that you can make money from overseas property and the prices have gone up.”
Mr Evans said more and more Shropshire people were coming through him to buy abroad, including young people who cannot afford to buy in the UK as well as people who buy the property as an investment.
Mr Evans, who lives in Shrewsbury, owns a home in Bulgaria as a second home.
“I went there six years ago and fell in love with it. I go back every month,” he said.
Nick Bull, spokesman for Moneycorp, said figures show the number of people buying abroad has a significant peak in the early autumn.
He said many people use their summer holidays to hunt for their ideal second home and then make the purchase shortly after.
By Andy Robbins
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