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Recortes de Prensa

Majority of british expats in Spain have considered returning home

The Leader, 21 | 01 | 2010 - Noticia

In a recent survey, carried out by a financial services company, it was surprising to find that 74 per cent of those living in Spain have considered moving back to the UK. The reasons seems to be the economic crisis which has meant falling property prices, a weak pound, and fears over job security which has made those living in Spain rethink the move

Britons living in Spain have suffered the most financially, especially those relying on a pension from the UK, with four in five complaining that the drop in the value of the pound against the euro has left them a lot worse off. Brits living in Spain are particularly affected by the struggling property market as many own more than one place and have in the past been able to rent it out without too much difficulty.

Now with many more properties available, the incomes have dropped and there are less people around looking to rent. People who own property abroad have seen the problem compounded by a dramatic fall in the real estate market, particularly in Spain, where prices on the Costas have dropped as much as 65 per cent in some place but seem to have bottomed out and are slowly creeping up.

British expats in Germany, Italy and France also responded with 38 per cent, 34 per cent and 33 per cent respectively stating that they would move back to the UK permanently.

However a spokesman for the financial services company that carried out the survey said, “Our research shows that British expats have had a tough time and the findings reveal that no country has escaped unharmed from the economic downturn, Brits living in Europe are feeling the effects of the weak pound as they are more likely to be reliant on income from their British property, UK pension and other regular sources of funds.”

Having said all that the percentage of people actually going back is minimal and many are looking for 2010 to be the year that things start turning round. Judging by the strong pound last week that could be sooner rather than later.

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