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Britons 'own 425,000 overseas properties'

Approximately 425,000 overseas properties are owned by people in the UK, new estimates have revealed.

Research by Savills and Holiday-Rentals also concluded these homes are collectively worth about £58 billion.

The overall number of properties is 35,000 up on the amount recorded a year ago and 55 per cent higher than the figure recorded in 2003.

This is despite the fact that in the last few months, the housing markets in some of the main investment hotspots have started to decline.

For example, capital growth in Spain has slowed down, while values in some parts of the country have begun to drop.

Nevertheless, its appeal to lifestyle buyers ensure that it remain the most popular destination overall.

Indeed, Spain was said to account for 34 per cent of British-owned properties in Spain.

This follows recent remarks from the Spanish Property Owners Guild, which said there are currently "bargains to be had" in the country.

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