Timeshare resales are witnessing a resugence in popularity with both the “staycation” enthusiasts and those seeking cost effective ways to holiday at home and abroad.
The spiralling cost of coastal property is fuelling the biggest timeshare boom in 20 years, experts said yesterday.
Families are turning to overseas investments “in their droves” as the price of seaside homes in the UK continues to soar.
Detached houses with sea views in Cornwall and Devon regularly fetch up to £1.5 million, while those on Dorset’s ‘millionaire coast’ are the fourth most expensive in the world.
Luxury timeshare properties in Florida, the Caribbean and Australia, meanwhile, are available for prices as little as £2,500.
The number of timeshare holidaying Britons has risen by 25 per cent in the last 12 months alone – the biggest annual increase since their heyday in the late 80s.
And, according to experts, their demand is stronger than ever.
The figures were released yesterday by Worldwide Timeshare Hypermarket, one of the UK’s largest timeshare marketplaces.[member]
Managing Director Philip Watson said: “Timeshare is becoming a very attractive option for British families who can no longer afford to purchase holiday or second homes in the UK or overseas.
“We have experienced a 25 per cent surge in interest in the last year, primarily from families looking for luxury accommodation with sea views but without the millions of pounds needed to obtain them in the UK.”
Until recently, timeshares were synonymous with touts and were tarnished by cases of fraud and mis-selling.
Swindler John “Goldfinger” Palmer was ordered to pay a record £35 million plus in confiscation, compensation and costs payments when he appeared at the Old Bailey recently.
But EU regulations designed to protect consumers – and the introduction of the Resort Development Organisation (RDO), the governing body for timeshare in Europe and TATOC the recognised timeshare consumer association – are fast making modern timeshares a hassle-free holiday home option.
They allow normal people to sample the lifestyle of being a second home owner at a fraction of the price – typically between £4,000 and £10,000.
Many properties are obtainable on leases of at least 25 years and can even be co-owned by friends or family members.
According to recent figures, more than half-a-million Britons already own a timeshare, 48 per cent of whom are qualified professionals.
But the shortage of affordable second homes in the UK has increased that number by at least a quarter since August 2010.
According to Worldwide Timeshare Hypermarket, which is based in Bournemouth, Dorset, working class families are cashing-in on cheap timeshare options for luxury weekend retreats and for use during half-terms and school holidays. With the added benefit of being able to use their Timeshare to exchange to any of the 6,000+ Timeshare resorts worldwide!
Mr Watson added: “If the trend continues, more than one million Britons may have timeshare property by 2014.”
Worldwide Timeshare Hypermarket (http://www.timeshare-hypermarket.com) are Europe’s leading timeshare resale company and have undertaken many new initiatives aimed at educating the public to the benefits of timeshare. They also recently launched the industry’s first iPhone app aimed at buyers, sellers and owners. [/member]