It has never been a better time to buy a second home, or invest in the buy-to-let property market. The UK’s booming buy-to-let market is being boosted by immigration and the difficulty of first-time buyers to find suitably priced property. The UK is second only to Poland for buy-to-let investors, with Bulgaria and France following behind. The shortage of homes will continue to drive up house prices in the UK, some predicting by an extra 10% by 2008.

Home owners who find themselves with a UK property that is increasing in value are now re-mortgaging
or freeing up equity in their properties to invest in houses abroad with many reaping rewards from their investments. Remarkably, the British now own over 250,000 properties abroad, the value of the property in countries like Spain, India, and South is estimated at 23 billion, this remarkable because only four years ago that figure was only 11.1 billion.

Spain is predictably the most popular destination for Brits to buy a second home. Over 70,000 homes are own by Britons, almost 27% of the entire market. Recently Banco Halifax Hispania (BHH), the Spanish Halifax, has cut its mortgage
rates making, for many, the allure of a move to sunnier climates more of a reality than a dream. There’s more good news too. Britons investing in overseas property look set to gain a tax bonus next year. Gordon Brown’s recent budget speech indicates that property bought through a company will be exempt from tax, with those who have already bought abroad in line for considerable payouts from the Inland Revenue.

There has never been a better time to invest in property abroad. So, if you can, why not do it!