HiFX: Mortgage payers may flee bleak Britain for better lives abroad

04 October 2007
Almost half of UK householders would consider moving abroad to escape the mortgage milestone around their necks according to new research from HiFX.

Following a survey by the foreign exchange and cash deposit service provider, over 16 million people are thinking about moving abroad to escape current economic climate in search of fewer bills and a better way of life.

The study revealed that such factors such as the recent credit crunch, rising mortgage rates, escalating house prices, and the prospect of increased mortgage bills are contributing to the growing numbers of Brits who feel that life in the UK is less appealing than ever before.

When asked about whether they want to continue living in the UK, more than a third of rent-paying Brits claimed to be seriously considering packing up and moving out. However, the figure rose sharply when the same question was posed to mortgage payers with four out of ten considering selling up and moving overseas if it meant that they could buy a property outright and live mortgage free.

The figures are not surprising considering that one in ten respondents worry that they may not manage to meet mortgage repayments after recent rate rises. Conversely, just 28% say they are happy with the current economic climate in the UK and have no plans to leave.

Mark Bodega, Director at HiFX comments: “The results of our research paint a stark picture of UK consumer confidence at the moment. While moving overseas has long been a tradition for those seeking sunnier climes, a different career path or a peaceful retirement, it would now seems that more and more people are no longer considering emigration as a luxury but a necessity.

“With the current uncertainly in the global economy people need to do their homework when considering a move abroad and work out if the grass really is greener on the other side of the fence.”

In addition, the 25-34 age group is the most likely to consider selling up in the UK and purchasing a property abroad outright in order to become mortgage free and a UK family emigrates abroad with assets of £250,000 from the sale of a house, car and some savings. Currently, the most popular emigration destinations include Australia, Cyprus, France, South Africa, Spain and the USA.

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