Pensioners in Tenerife and overseas are not smiling as much since the recession.
Almost half of Britons abroad who are sending money back to the UK are aged 65 and over – suggesting that those pensioners who retired to the sun have been hit hardest by the recession and are being forced back to the UK.
Currency specialists such as Moneycorp and HiFX has seen a 180% increase in the number of euro to sterling transactions and a 111% increase in the number of US dollar to sterling transactions in the past six months, compared to the same period last year.
Not only are more over 65s repatriating money, but they are also sending home larger amounts. This suggests that they are selling up property and returning home. In the last six months almost a third (32%) of the transactions over £70,000 have been made by over 65s. They have calculated that British pensioners living in Europe have potentially lost out on almost €10billion of their income in the last two years due to the falling strength of sterling. When faced with this drop in their income, it’s no surprise that some pensioners are finding themselves forced to sell up.
Certainly this has been seen in Tenerife and the Canary Islands allowing the fortunate few with cash to obtain great property bargains.
