More Brits transferring money abroad in anticipation of buying a second home

Image by © Matthias Kulka/zefa/Corbis

There’s nothing like starting off the month on a positive note, and here’s some very encouraging news from James Price – head of international residential development at Knight Frank – who believes that wealthy UK buyers are keen to escape to a better climate and to make a good long-term investment while they’re at it.

“The UK recession isn’t really a factor,” says Price. “People want to move at the higher end for tax reasons. It’s the result more of the pull of both climate and culture rather than any perceived ‘push’ from the UK.”

According to Knight Frank – who say they envisage buyers making their move in the coming months as recession continues to keep prices low in many Mediterranean countries – an increasing number of Britons are currently transferring money abroad in anticipation of buying a second home overseas.