Britons investing in overseas property are fuelling a global boom in the industry, according to a new report.

The overseas property market has gradually become more popular over the past decade, with the rise in usage of low-cost airlines and ever increasing house prices in the UK.

Estate agent Knight Frank has published research on levels of inflation in foreign countries – which is prompted by increases in demand – finding that eastern European and Scandinavian nations are among the most popular.

Latvia topped the list, with an annual inflation rate of 45.3 per cent, while Bulgarian property also appears to have been popular, with a 20.5 per cent increase in house prices.

Denmark experienced a 15.4 per cent increase in property values, followed by Belgium at 14.9 per cent, South Africa at 14.3 per cent and Estonia at 12.9 per cent, website This is Money reports.

Liam Bailey, research chief at Knight Frank, said: "People want a holiday home but they regard it as an investment too.

"Find yourself a place overseas before it has a step change and hugely appreciates and you've got a bargain."

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