Value of Brit's second homes abroad doubles in four years to £23bn

The Value of second homes abroad owned by people from the UK has more than doubled over the past four years, latest Government figures show.

In 2003-04 people in the UK owned 256,609 properties in foreign countries, collectively worth £23bn, up from just £11bn four years earlier, according to the Office for National Statistics.

The boom in foreign property ownership has been fueled by low interest rates and soaring house prices in this country, as cheap mortgages and the ability to unlock equity from their main home has made buying a place affordable for increasing numbers.

In 1999-2000 just over 176,000 people owned a property abroad with second homes collectively worth £11bn, and even in 2002-03 overseas property holdings were only worth £16.4 bn.