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August 29, 2007

Britons buying property abroad due to wet UK weather

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by Kay Mitchell

Britons buying property abroad due to wet UK weather

Wet weather in the UK is forcing British people to buy property abroad according to a report from Barclays. In addition, Overseas Emigration, the migration company, has expressed concern that the wet summer of 2007 will only make the situation worse resulting in more people buying property in hotter destinations.

A spokesperson for Overseas Emigration remarked that the weather is always one of the main reasons for emigrating and this summer they have received more enquiries than in the last 5 years.

Figures from the Office of National Statistics has established that 385,000 people left Britain in 2005-2006, higher than any year since the launch of the counting system in 1991. Approximately 250,000 of these were British citizens.

Data from Globalvisas.com said that enquiries for visas to destinations such as Australia and Canada have quadrupled in 2007. The overseas property guide website has established that the amount of Britons moving overseas has increased by 50% in the last decade.

Figures from Mintel shows that the number of Brits who own a home abroad increased by 45% between 2004 and 2006 and it is expected that this figure will continue to increase in the foreseeable future.

Another major reason for the decision to move abroad is property prices. 84% of 18-24 year olds believe it is more viable to purchase property abroad than to buy in the UK according to a survey from National Savings & Investments. In addition, 36% of potential first-time buyers who are renting in London would consider buying overseas. The survey also established that 8 million UK citizens now own a property abroad, with 43% opting for Spain.

Propertymartoverseas.com declared that increasing property prices, out of control debt and rising interest rates are all contributing to Britons emigrating.


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