The latest research by Yopa, the full-service estate agents, reveals that while the fast approaching summer months may be tempting some home buyers to consider an escape to the sun, house prices in some popular expat destinations can cost as much as 75% more.
Although others do offer a greater degree of affordability.
Yopa analysed the average house price in 10 popular British expat nations around the world – from Australia and Spain to France and South Africa – and compared them to the average house price here in the UK to see where in the world UK expats can get the most bang for their housing market buck.
Yopa’s research reveals that UK buyers are right to be tempted by some expat destinations when it comes to property affordability, with a number of popular locations home to far more affordable house prices.
Buying a home in South Africa, a nation which has long-held ties with UK expats and is currently home to more than 130,000 of them, costs an average of just £43,970. This is a remarkable saving of -84.3% compared to UK prices.
Italy offers all of the sun, sea, and sand that many expats are looking for and commands an average price -54.3% below that of the UK.
And then there’s Spain, estimated to be home to more than 300,000 British expats. Here, the average home costs £172,452; a saving of -38.6% compared to the UK.
However, not every popular expat nation comes with bargain price property, and a number of locations will require Brits to sacrifice their clout on the housing market in order to secure the lifestyle they’re looking for.
This list of expensive destinations includes the most popular British expat nation of them all.
Australia has, by far, the most British expats across the 10 nations studied with the latest figures (2019) estimating that almost 1.3 million British expats now live ‘Down Under’.
But Australia’s average house price of £490,681 is +74.8% more expensive than the UK, making it easily the most expensive place to emigrate to.
Nearby New Zealand’s average price is +58.5% more than the UK, while in Canada, home to more than half a million Brits, prices are +45% higher than those here at home.
Prices in Germany are +32.7% higher than the UK, followed by France (8%) and Ireland (1.5%).
With a British expat population of more than 700,000, the USA is the second-most popular destination for British emigres, and it’s home to the most similar property market overall, with the average house price just +0.6% higher than the UK. Although this is widely dependent on where you look to live in a country so vast and varied.
CEO of Yopa, Verona Frankish, said, “There are lots of reasons for people choosing to leave the UK and settle down in another country. It might be family ties, work opportunities, or simply a desire for change – a new lifestyle. It’s all down to the individual.
But today, with houses being so expensive here in the UK and the cost of mortgages stubbornly high, it’s likely that many people are looking at the prices available in other countries and deciding to up roots and settle elsewhere.
This is especially true for the younger generations, many of whom are able to work remotely and therefore have few geographical ties. If the UK market doesn’t become more accessible to young buyers, we can expect more and more of them to move away, taking their skills, talents, and disposable income away from the UK economy.”
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