There will be a million UK timeshare owners by the year 2014 according to forecasts from timeshare re-sales company Worldwide Timeshare Hypermarket.
The previously maligned sector is seeing a resurgence in popularity as Brits suffering the results of the economic downturn look for more cost effective ways to holiday abroad and own a second property.
The Worldwide Timeshare Hypermarket (WTH) believes that new EU regulations designed to protect consumers, the introduction of the Resort Development Organisation (RDO), the governing body for timeshare in Europe and the growth of TATOC, the recognised timeshare consumer association, have all combined to improve confidence levels and boost the reputation of the timeshare sector.
As a result the company has seen a 25% increase in enquiries about timeshares over the last year, the highest annual rise since timeshare's heyday in the late 1980's. The most popular properties are luxury homes with sea views, which would be out of the price range of those involved in the scheme if they tried to buy them outright.
Currently more than 500,000 Brit
s own a timeshare property, however according to Phil Watson, managing director of the WTH, the company are braced for a surge in uptake. “If the trend continues, more than one million Britons may have timeshare property by 2014."