Research shows Brits are turning to EU countries due to political
unrest and cost of living crisis in the UK
UK buyers see Europe as good investment and a pleasant place to call home, according to new research from Get Properties
Get Properties, the bespoke real estate advisory firm and sister company of Get Golden Visa, has revealed new research on the top five reasons why British money is moving out of the UK and into Europe.
According to its new data, which included interviews with a diverse range of expats, the top reasons British residents are inclined to move out of the UK are socio-political instability (38%), the high cost of living (27%) and the ability to retire somewhere more affordable with a better climate (14%).
The company’s white paper reveals almost a million migrants from the UK live in Spain; and more than 225K call France home. For an overwhelming majority (82%) of the survey respondents, owning a property in Southern Europe, with its warmer climate, was the first choice.
Political unrest in the UK has been rising over the past few months, culminating in the resignation of Prime Minister Boris Johnson, the arrival and resignation of Prime Minister Liz Truss and the appointment of Rishi Sunak as Prime Minister. And then there is the high energy prices and soaring inflation rates coupled with recent market turbulence. Household bills have been one of the main areas of financial difficulty for residents, as the Office for National Statistics (ONS) reports that the Consumer Prices Index including owner occupiers’ housing costs (CPIH) rose by 8.8% in the 12 months to July 2022, up from 8.2% in June.
More and more residents are moving out of the country (334,000 people in 2021, according to Migration Statistics) and EU countries are the top destinations.
Get Properties has investigated the migration habits of British people by tapping into their customer database which revealed, most wanted to buy property abroad and eventually gain residency and live somewhere with improved living standards, especially as the UK enters a period of economic instability.
The questionnaire, which was conducted between June and August 2022, features 126 interviews and responses from 240 participants. The age groups of the respondents were 25-35 (5%), 35-44, 45-54 (both 20%), 55-64 (25%) and 65 and over, which was the majority demographic at 30%. The participants were questioned regarding their motive to buy a property outside of the UK.
Moving abroad has been a steady trend for UK residents since the Brexit vote. Get Properties believes Brexit has played a pivotal role in British emigration. The company predicts that a contributing factor to Britons leaving in the future will be continued financial hardship, as British citizens may get to a place where they simply cannot afford the basic necessities.
Get Properties’ sister company Get Golden Visa helps clients from all over the world gain residency in European countries, through property investments and business ventures. Its clients can obtain residency permits and even citizenships by bringing a certain amount of financial capital into the country in question. Property purchase can be a go-to choice for these investments, which Get Properties can procure with offices in Lisbon, Athens, London and Istanbul. The company has more than 250 annual property sales valuing more than €200 million in total, catering to clients from more than 37 nationalities.
Get Properties and Get Golden Visa Founder and Managing Partner Murat Coskun comments: “The UK is now an incredibly expensive country to live in, and residents are realising it’s possible to have a much higher quality of life in a number of other European countries with a significantly lower expenditure. Spain and Portugal are top markets for those who wish to buy a second property or a primary home where they can move their families altogether. These are also popular retirement destinations for Britons.”
These are the main motivators behind British residents getting properties abroad:
- 38% social and political unrest in the UK
- 27% rising living costs in the UK
- 21% making a life change
- 14% retirement plan
- For 82% of the respondents, getting a property in Southern Europe was the first choice.
- More than half of the respondents stated that the cost of living was the main reason that helped them pick their destination.
- For only 10% of the respondents, widespread use of the English language was a reason that helped them choose their destination.
- Close to 70% of the participants stated that they would live in their new property full-time
- Only 20% of the respondents would consider renting a property before they buy one.