More than half of Brits who own holiday homes abroad are planning to sell their second properties this year, according to new research.
A survey by specialist travel money broker currencies.co.uk revealed that, because of falling rental incomes and the weakness of sterling, thousands of people intend to sell up in 2023.
In fact, 56 per cent of Brits with a eurozone property are considering putting it on the market, as rental markets become increasingly unpredictable.
Estate agent Knight Frank has suggested that the total value of British-owned properties on the continent could be at least £47 billion.
Stephen Hughes, chief analyst at currencies.co.uk, said: “For many, the reality of owning a second home abroad has become intolerable and what started as a lifestyle aspiration and canny investment opportunity has become a financial millstone.
“Falling prices, currency fluctuation and a prolonged period of economic hardship have taken their toll,” he added.
According to Knight Frank, a growing number of UK expats with homes in countries such as Spain and Greece are choosing to sell up, as European property values decline.
Meanwhile, more than one-third of people who let out their second house abroad suffered from a fall in occupancy and rental income during 2023.
