The trend outlined by this figure is particularly remarkable given that overall interest in international property is at record levels, with searches on Primelocation International up 138% on this time last year.
By contrast only 23.7% of those questioned for the research were looking for an overseas holiday home and only 12.4% were searching for an investment property. A further 15.3% were foreign buyers looking to purchase a UK property.
Perhaps surprisingly given the uncertain economic outlook, barely one-fifth (20.4%) of respondents said that the difficult economic climate has affected their intention to buy abroad and only 9.8% agreed that they were having to be realistic and search for property in locations that they would not otherwise consider, due to affordability constraints. Worsening exchange rates have threatened to put 27.5% of property searches temporarily on hold.
Ann Wright, International Development Manager at Primelocation International, comments: “With the government warning of a period of austerity following the emergency budget, it is understandable that more people than usual would dream of emigrating away from the UK. However the fact that a significant proportion are actively searching for international property in a bid to make that dream a reality, comes as quite a surprise.
“Furthermore, the fact that barely one-fifth of those searching for international property agreed that the difficult economic climate has affected their intention to buy abroad suggests that poor financial prospects for the future are a driving factor behind Brits’ desire to emigrate.
“With many in Britain now set to have to work longer before retirement, those who can afford to move abroad may feel they will not only have a better quality of life, but also benefit financially from leaving the UK. These potential buyers may well offer a small boost to international market activity over the coming months.”
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