Research from reallymoving.com reveals that UK expats are returning home in their droves as the weak pound has sent the cost of living in the Eurozone soaring.
reallymoving.com has seen an uplift in demand for removal quotes from expats in Europe wanting to relocate back to the UK in the last year, a turnaround from the exodus of Brits in recent years moving abroad to enjoy warmer climes and cheaper property prices.
The number of people requesting quotes to move to the UK has increased by 37%, while there has been an 18% decline in the number of people moving from the UK to the continent in the space of a year.
The latest figures from reallymoving.com, which provides quotes for both international and domestic removals, show that Ireland is the top Eurozone country for residents heading back to the UK. In the past 12 months there has been a 75% increase in the number of removal quotes from those moving from the Emerald Isle to the UK.
Spain has also seen an exodus in the past year, with a 39% increase in the number of quotes to move to the UK. Traditionally the most popular haven for British expats seeking to retire in the sun, Spain has suffered from a devastating property crash, leaving many owners with depleted equity and high living costs due to UK pensions being paid in pounds not euros.
Other European countries experiencing a flood of departures include France (30% increase in those moving to the UK), Germany (32%) and Italy (14%). These countries have also experienced a decrease in UK residents relocating.
Rosemary Rogers, Director, reallymoving.com comments:
“Many expats have had their dreams shattered by the current economic crisis and are finally realising that they can no longer afford to live in Europe with the weak pound. For those who kept their options open by retaining a property in the UK the situation is not so desperate but for many who sold up completely and are now unable to sell their European home, their only option is to rent back in the UK. “
Derek Bardwa, Director, Britannia Bardies Storage & Moving Ltd adds:
“We have seen a sharp decline in the number of people moving out to the continent in the past twelve months as a result of the weakening pound and stretched finances in the UK. This has resulted in many would-be expats putting their aspirations of retirement in the sun on hold until the markets recover.”
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