News Archive - 9m Brits Want to Leave the UK

06 October 06 - 9m Brits want to leave the UK permanently

Two beach chairs over tranquil water According to a NatWest survey, one in three current and potential overseas homeowners would like to retire abroad (32%). Notably, the greatest desire to escape the country is found amongst 30 to 50 year olds, of whom three quarters (72%) said they would consider leaving the UK permanently.

However, the survey indicated that the over 50s were more reluctant to leave their British lives behind them. Nonetheless, a majority (51%) still intended to move abroad.

Mike Freer, Head of Business Development at NatWest International comments: “It is evident from our research that many Brits intend to escape the hectic British lifestyle to enjoy a more relaxed standard of living overseas. As the days get shorter and temperatures drop, now is the time when many dream of a life abroad. Surprisingly however, it’s the ‘middle-ages’ most keen to make the move, perhaps prompted by demanding jobs and continuous warnings to plan for the future.”

The dream of a place in the sun

31% of those polled, tempted by the great weather and ‘mañana’ lifestyle, dream of buying a place in the sun. Turning this into reality has become a genuine option for many. Despite assumptions to the contrary, NatWest say that holiday homes are affordable for many people. Half (51%) of those surveyed with homes abroad, paid less than £100,000 for their property and three quarters (74%) paid £300,000 or less.

Spain remains the most popular holiday home hot spot with half of potential overseas property purchasers saying they would choose a Spanish location. Here, holiday homes are even more affordable than the average overseas property – only a fifth of Brits with Spanish homes questioned (21%), paid over £200,000 for their property. Those with holiday homes in Spain also get a huge amount of use out of their properties - 68% of them spend at least a quarter of the year residing at their property.

Freer continues: “Buying a holiday home is a realistic option for many people and it needn’t cost the earth. With the right advice and a favourable mortgage, overseas properties can provide a fantastic lifestyle, great investment potential and somewhere to escape the chaos of life back home! With people increasingly looking to retire overseas, buying abroad can provide a realistic and affordable option for many.”

When considering buying abroad the majority of financially savvy Brits look towards the long term benefits of investing in a holiday home - 55% of would-be buyers would consider a holiday home as part of their pension pot and half (54%) are prompted by the investment potential. Half (53%) also hope to make money by renting out their holiday home on a “commercial” basis.