More than 1 in 5 UK adults are considering moving abroad, new report reveals

The British Expat Report found that 39% of UK adults cite the cost of living crisis for considering moving abroad, a further 22% the cost of UK property, and 12% mention better job prospects

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Malaga

Saturday, 12 October 2024 | Updated 23/10/2024 17:14h.

A new report from Currencies Direct has revealed that 23% of Brits - the equivalent of 12.3 million UK adults - are considering moving abroad in the next five years, with 12% looking to move in the next 12 months.

The British Expat Report, which includes a survey of over 1,500 UK adults and 500 British expats, has found that 39% of UK adults cite the cost of living crisis for considering moving abroad, a further 22% cite the cost of UK property, and 12% mention better job prospects.

According to the report, young Brits are considering leaving the UK the most, with 38% of those aged 25 to 34 thinking about moving abroad in the next five years. A further 36% of young adults aged 18 to 24 are thinking about emigrating in the next five years, with 11% considering the move right now.

A mass exodus from the country could have a considerable impact on the UK workforce. The report reveals that 48% of workers in the IT industry, 30% in the healthcare sector, and 22% in teaching and education are considering moving abroad in the next five years.

23% of UK adults name Spain as their go-to expat destination

According to currency transfer data for over 18,000 property purchases transacted by Currencies Direct, historically, Brits have favoured France, Spain, and Portugal when buying property abroad. However, according to their report, the countries that Brits are most in favour of emigrating to today are Spain, Australia, Canada, the US, and Italy, with France and Portugal taking sixth and ninth place, respectively.

The report also highlights a significant split among older and younger generations. For younger UK adults (under 35s), the top destinations for moving abroad are the US and Canada, and for retirees or those aged 45+ the preferred expat destination is consistently Spain.

Brits have the most property purchasing power in South Africa, Spain and Cyprus

In addition to its international survey, Currencies Direct also analysed 22 countries classified as low-risk for money transfers to determine where aspiring British expats have the most property purchasing power.

The analysis, which used the average property cost (per m2) for an apartment outside of the city centre and the interbank exchange rate, found that Brits have almost three times the purchasing power in South Africa than anywhere else on the list, with a purchasing power of 249m2 per £150,000. Spain ranked second with a sizable purchasing power of 83.5 m2 per £150,000, followed by Cyprus, Portugal, and Greece.

38% of British expats say they never regret moving abroad

The report addresses common concerns among UK adults considering relocating. The primary worry for 36% of potential expats is missing family and friends, followed by financial strains (32%), language barriers (29%) and regretting the move (21%).

Despite these concerns, the majority of British expats have a positive experience abroad, with 38% of British expats saying they never regret moving abroad and a further 37% saying they rarely regret moving. 49% of British expats report that their mental health improved within the first six months of emigrating, and 20% say that moving abroad has brought them closer to their family living back in the UK.

Nigel Fox, Vice President of Customer Success at Currencies Direct, said: “Our report has uncovered just how many Brits are considering moving overseas and underscores the potential benefits of relocating. With many countries offering attractive options for both quality of life and property investment, and almost half of expats (49%) reporting improved mental health within the first six months, moving overseas can be a rewarding decision.”

About Currencies Direct

Currencies Direct is a foreign exchange and international money transfer service offering solutions with award-winning customer service. Founded in 1996, the company provides dedicated account managers for customised support, simplifying large money transfers and purchases abroad.

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