According to recently-completed research by MRI Overseas Property, 24 million Britons would consider buying an overseas holiday home, but just 15% would consider letting this property for rental income – which means they are missing out on potential rental revenue from their investment.
Nearly 30% of overseas property owners visit their property only twice a year might not maximise their investment potential if they don’t have plans to rent out the property for the remainder of the year.
As the average monthly rental is currently 800 pound, many overseas homeowners could potentially be missing out on earning thousands of pounds in rental income and now is a good time to begin letting a property abroad, according to the company.
As the property market reaches maximum value levels in the UK, an increasing amount of British people are looking abroad to get a solid return on their investment and holiday homes can provide the perfect solution, due to a constant demand for accommodation by British holidaymakers.
With the possibility of further interest rate rises and the current economic climate in the UK, seasoned buy-to-let experts are now looking further afield. 19% of British landlords have said that, if interest rates reach 6%, they will consider buying property overseas for a better return on their investment.
A recent study by NatWest International has revealed that a quarter of a million people from the UK own a foreign property, mainly in Spain, France and Portugal.