Thousands of people, inspired by the growth of cheap flights and TV property investment programmes, are cashing in on the value of their home to buy a bolt hole abroad.

In two years the number of people who own a second home abroad has grown by 250,000 to 800,000. These represent 3 per cent of British households, but the trend shows no sign of fading.

Twenty-eight per cent of those questioned in a survey said that they would like to own a second home in the sun, though most accepted that they could achieve their goal only with a win on the lottery.However, 3 per cent believe that they will own a home abroad one day and 5 per cent are determined to sell up in Britain and move abroad. This suggests that an additional two million households are ready to climb on to the overseas property ladder, according to the latest report on homes and properties abroad by the market analysts Mintel.

Surprisingly, 23 per cent said that they were “sick of this country” and wished to leave for a new life abroad. Spain continues to be the top destination, followed by France, then Australia, Italy and the United States. The choice of destinations suggests that the reason for the British buying abroad is to enjoy the sunshine.

Paul Davies, senior finance analyst at Mintel, said he believed that many more people might be willing to buy property overseas if they could ensure that they were protected from unscrupulous agents and sellers and red tape. He said: “Our report may focus minds in the Eurpean Commission where there has been talk of regulating housing transactions and adopting one system. People like the idea of buying abroad but they are worried about rogues, red tape and losing money. New EU regulations may have a positive impact.”

The boom in second homes abroad is also changing the mortgage business. Mr Davies said that in future most banks would be likely to see this as a lucrative market.

The survey of 1,962 people found that 40 per cent of people were keen to make a profit from their property investment abroad and were choosing safe locations, such as Spain and France, and were shunning bargains on offer in Eastern Europe.

Only one in fifteen people would contemplate buying in the Eastern European countries that have joined the EU.

Mr Davies said: “There will always be the adventurers but they are a minority. But if someone is hoping to make a quick buck, I think they should try the new EU states.”

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