According to a recent report by Currencies Direct, 23 percent of UK adults — or around 12,3 million people — are considering moving abroad in the next five years. Another 12 percent plan to move within the coming 12 months.
This report, titled The British Expat Report surveyed more than 1,500 UK adults as well as 500 British expats to uncover the key reasons for mass migration. The rising cost of living was cited by 39 percent of respondents as the main reason they left the UK, while 22 percent cited high property prices in the UK. In addition, 12 percent of respondents cited better job prospects abroad as a factor.
Manchester was the UK city where the most residents were considering emigration. According to the report 35 percent of Mancunians contemplate leaving the country within the next five year, and 10 percent plan to leave in the near future.
The British youth is leading the charge in potential migration
Reports show that the younger generation is the most likely to leave the UK. 38 percent of people aged 25-34 are considering emigration in the next five to ten years. Also, 36 percent (18-24-year-olds) are considering moving abroad within the same timeframe, and 11 percent are seriously considering it.
This potential brain drain could have a major impact on industries. Nearly half of IT professionals (48%), 30 percent healthcare workers and 22 percent teaching and educational staff are considering a move.
Popular Destinations and Property Purchase Power
Spain is the top choice for British expats. 23 percent of them say it’s their dream country. Australia, Canada and the US are also popular destinations. The UK is divided by age groups, with the younger Brits (under35) preferring to visit the US and Canada while the older Brits, especially those over 45, tend to favor Spain.
Currencies Direct conducted an analysis of the purchasing power of 22 countries. The results revealed that British buyers can buy up to 249 sqm of property for PS150,000 in South Africa. Spain was next with 83.5 sqm for the same price, while Cyprus, Portugal and Greece were also attractive options.
The Mental Health Benefits Of Moving Abroad
The report shows that while potential expats may have concerns such as missing friends and family (36%) or financial difficulties (32%), most expats don’t regret leaving. Three-quarters of British expats said that they had never regretted their decision to move abroad. Another 37 percent reported that they did so rarely. Nearly half of British expats (49%) reported improvements in their mental well-being within six months after moving. Twenty percent also said they felt closer to their families in the UK.
Nigel Fox commented on the findings. He said, “Our study highlights how many Brits consider moving overseas, and stresses the benefits of relocation.” Nearly half of expats report improved mental health following their move to many countries that offer a better quality of living and opportunities for property investment.
