A place in the sun: A Quarter of Brits are considering property abroad

29 August 2007
The number of Britons considering moving abroad in search of sunnier climes has risen to one in four according to UK money exchange provider Foreign Currency Direct.

Foreign Currency Direct have tracked the number of Brits flying the coup and the reasons behind it in their Bail out Britain campaign, which found that 23 per cent are considering buying property in foreign lands, compared to 14 per cent just six weeks ago.

The research also found that the primary reasons behind the migration are television programmes about buying property abroad (seven per cent), the investment opportunity (16 per cent), getting a windfall (10 per cent), and the prospect of dreary British summers has motivated 11 per cent to up sticks.

Those dwelling in London are most likely to consider buying abroad, at 28 per cent, compared to the least likely – Midlanders at 21 per cent. Twenty-three per cent are first time buyers who are having difficulty with the interest rate rises and are struggling to getting on the UK property ladder.

Peter S. Ellis, CEO of Foreign Currency Direct, commented on the findings: “It is no surprise that the number of people considering bailing out of Britain is on the increase - we have had a truly miserable summer and property abroad continues to offer attractive investment opportunities.

“We would urge people to consider the full cost of committing to buy abroad. Seeking professional advice when it comes to factors such as currency transfer, can save you thousands of pounds which you can reinvest into finding the perfect property.”

Find out more about buying property abroad