The strong euro has changes plans for those living and wishing to live in Tenerife and Spain
It seems there really is no place like home. New research has discovered that UK expats are returning home in their droves as the weak pound has sent the cost of living in the Eurozone soaring.Over the last year, there has been a huge rise in the number of expats living in Europe looking to return home to the UK.
Research for home-movers, has seen an uplift in demand for removal quotes from those expats wanting to relocate back to the UK – a big turnaround from the exodus of Brits in recent years to enjoy warmer climes and cheaper property prices elsewhere. The number of people requesting quotes to move to the UK has increased by 37 per cent, while there has been an 18 per cent decline in the number of people moving from the UK to the continent in the space of a year
Spain has seen an exodus in the past year, with a 39 per cent 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.
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.
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.
