The word timeshare will send a shudder up the spine of many holidaymakers. For years it has been associated with pushy touts, fraud and mis-selling. However, the timeshare industry claims that business is now booming after EU regulations forced out the crooks.
One of the reasons for what it calls the biggest timeshare boom in 20 years is the soaring cost of seaside homes in the UK. Detached houses with sea views in Cornwall and Devon regularly fetch up to £1.5million, while those on Dorset’s ‘millionaire coast’ are the fourth most expensive in the world.
However, families can buy a stake in a luxury property in Florida, the Caribbean or Australia for as little as £2,500.
One company claims that the number of Britons interested in timeshare for their holidays has risen by 25 per cent in the last 12 months – the biggest annual increase since the timeshare heyday in the late 80s.
The figures were released by Worldwide Timeshare Hypermarket, one of the UK’s largest marketplaces for such properties.
Boss Philip Watson said: ‘Timeshare is becoming a very attractive option for families who can no longer afford to purchase holiday or second homes.’
'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 have cleaned up the industry.
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Owners Action are a firm of specialist consultants who deal with disputes within the timeshare industry.
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