'Brits avoid doom and gloom with foreign property'

Britons are looking to avoid the slump in the UK''s property market by buying abroad, according to Cater Allen Private Bank.

The independent banking services provider claims that more than three million people will buy a home abroad in the next two years.

Cater Allen states that of those 42 per cent are buying a home abroad as an investment opportunity.

According to the bank, 2.3 million people currently own a property abroad and 500,000 of those have used foreign real estate as a form of investment.

Sally Watts, marketing manager at Cater Allen, said: "With concerns that a deteriorating property market will not guarantee the returns that people expect from buying a property, more and more people are investigating how they can find investment returns elsewhere."

Meanwhile, James Caan, from Dragon''s Den, will be attending an overseas property forum in London on October 9th organised by the National Association of Estate Agents.

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