07 March 2008
Many people with second homes abroad miss out on potential income by leaving their property vacant for long periods, it has been claimed.
According to Holidaylettings.co.uk, the average overseas homeowner spends just four weeks in their property each year, meaning that they could easily boost their earnings by renting the place out to other people when it is not in use.
Ross Elder, managing director at Holidaylettings.co.uk, said that people with homes in popular tourist destinations such as Spain have a "fantastic opportunity" to make some extra cash by allowing others the use of their residence.
He urged foreign homeowners to "reap the rewards of the healthy rental market" this summer, adding that the demand for self-catering holidays is increasing, with some mixed-use investors banking up to £18,000 per annum in rental income from their overseas properties.
According to the Office for National Statistics, approximately 850,000 UK people currently own a home abroad. Recent statistics from the Spanish government state that there are now about 199,000 Britons leaving in Spain.
