People with private wealth 'buy abroad for lifestyle reasons'

Individuals will private wealth purchase property abroad for "lifestyle reasons", rather than currency fluctuations, it has been claimed.

Robin Wilson, head of overseas at Rightmove, suggests Forex market news - such as the current low value of the dollar in relation to many major counterparts - is not the primary factor behind people's desire to own a home in a foreign country.

For many with private wealth, a second residence could be an appealing place to spend holidays, or may be essential for work outside of Britain.

Equally, such a move might be considered a strong investment, especially where returns on private wealth in other asset vehicles are poor.

Last week primelocation.com revealed searches on international property rose by more than 100 per cent in the twelve months to August 2010, with interest in US homes increasing fastest in August, up 42 per cent on the previous month, while general searches grew 19 per cent overall.  ADNFCR-2318-ID-800121200-ADNFCR