Increasing levels of foreign property ownership in the UK are denting the package holiday sector, according to a new report.
A study by Foreign Currency Direct showed that the number of people taking a traditional package holiday has dropped in the last few years, TravelWeekly reports.
The organisation has partly attributed this to the fact that more people in the UK now own a holiday home overseas.
As a result, many are choosing to take four or five short breaks throughout the year, rather than one long holiday in the summer.
Indeed, figures show that nearly one in ten foreign property owners visit their residence about once a month.
Peter Ellis, chief executive of Foreign Currency Direct, commented: "We're increasingly money-rich, time-poor, so there has been significant growth in demand for short breaks rather than 7/14 holidays."
This comes after Holiday-Rentals revealed that one in three British-owned holiday homes in Europe are located in Spain.
