Brit real estate booms as 2nd homes sold

LONDON, Aug. 2 (UPI) -- British real estate agents say falling property prices are causing business to boom in rural and coastal areas as city dwellers sell off second homes.

The real estate agents said the recent economic downturn has led many urban residents to sell their vacation homes in more remote areas, often to local families that previously would have been unable to afford the properties, The Daily Telegraph reported.

The Southampton, England, branch of the real estate agency Savills, which covers the picturesque towns of New Forest, Solent and the Isle of Wight, said it recorded its highest profits since its inception five years ago in July.

Chris Wood, president-elect of the National Association of Estate Agents, said business has been good for agents in remote locations across Britain.

"We've had the best sales month for 12 months, and I have spoken to colleagues who sell properties on the coast in North Wales and there are similar anecdotes around the country," he said.