Homeowners happy with their rental income

Thursday, July 28, 2011

Homeowners happy with their rental income

The majority of Brits who let their overseas properties out are generally happy with the rental return that they receive, according to fresh research by Currencies.co.uk

The study from the specialist currency broker shows that up to four out of five second home owners are happy with the returns they earn on overseas homes.

The average annual rental income on second homes abroad is currently stood at £9,500, while around 16 per cent of homeowners earn over £15,000 a year, the research shows.

The company conducted the research after seeing a 32 per cent increase in the number of its customers buying properties in Europe in the last three months, compared to the same period in 2010 and expects this trend to continue if Sterling strengthens against the Euro.

Tom Higham, Director at Currencies.co.uk said: “Buying a second home abroad can potentially be risky with buyers having to negotiate different legal systems and currencies.

“However with average annual rental income of £9,500 and maintenance costs of £2,200 clearly those who get it right are seeing strong returns on their investments and just one in five are concerned about the returns they are earning.

“Our own experience shows growing interest in second homes abroad as the Euro weakens against Sterling and this research confirms that second home owners are generally seeing strong returns.”

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