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Good news for potential holiday home insurance customers as property prices continue to fall in most countries around the globe, according to new research.

A summary of recent housing data from the Global Property Guide reveals that prices have fallen annually in 17 of the 27 surveyed countries.

The decreases are bad news for current investors, but good news for Brits looking to buy a cheap holiday home, according to Richard Way, editor of A Place in the Sun Magazine.

"If you can afford to buy now, then grab a bargain while you can," he said.

Mr Way added that currency fluctuations have a "considerable" effect on Brits when they are thinking about purchasing a foreign property and he advised them to protect themselves by transferring their money using a forward contract.

By contrast, ten countries saw a rise in annual property prices, including Australia, Switzerland, Norway, New Zealand, Portugal and Sweden.