Chancellor Makes it Easier for British People to Move Abroad
Press Release: 24th March 2014
This year could see an increasing number of British people buying property overseas – with announcements in the Chancellor’s recent Budget adding fuel to this trend. “The Chancellor’s pension reforms will make it easier for people to retire and buy property abroad,” says Nigel Ayres, Founder and CEO, World of Expats – the first destination for expats. “Even those with relatively modest earnings over their career will find they can get access to several hundred thousand pounds built up over the decades they have been contributing to their pension scheme.”
For many the atrocious winter weather, escalating fuel costs in the UK and a strong pound will make the lure of a sunny, low cost location even more tempting. Adds Nigel: “When you add to this the equity many have built up in their homes, they will be well-placed to take advantage of the low prices that remain in many European markets.”
According to figures from Rightmove Overseas, there was a 30% increase in enquiries sent to agents on Rightmove Overseas in the year to July 2013. World of Expats expects that this will increase in 2014. Rightmove Overseas’ figures for search activity in February show that Spain and France remain the top searched for countries, followed by the US, Italy, Australia and Portugal. During February, Italy and Ireland were the top climbers – with Lake Como and ‘the lakes’ proving particularly popular Italian destinations.
There is also a Hot Property section on the World of Expats site (run in conjunction with Rightmove Overseas) where prospective buyers can view a range of properties for sale in locations from France and Spain to Thailand and South Africa.
As the economic situation in the more ‘traditional’ European property markets improves, UK buyers are also looking further afield for some ‘bargains’ – in locations such as South Africa, Turkey, the US and India. “World of Expats offers information on 176 destinations around the globe and we have noticed an increase in interest in some of the less ‘traditional’ locations for moving abroad,” says Nigel. “Some people are looking for property ‘bargains’ – wanting to get more for their money – while other people are simply feeling more adventurous and want to live somewhere a bit more exotic.”
World of Expats is a global community, providing advice to anyone thinking about living abroad, whatever their age and whatever their motivation for becoming an expat. The organisation is launching the first in a series of exhibitions aimed at potential expats and property buyers in London later this year. This will be followed by exhibitions in Birmingham and in three US cities next year.
Buying abroad can be daunting – but World of Expats provides a host of information and advice from specialists in the sector. World of Expats is a member of The Association of International Property Professionals (AIPP) and encourages people to use AIPP members wherever possible. AIPP is the UK trade body and aims to help people to buy property overseas safely. It vets and approves property professionals and AIPP members voluntarily commit to a strict code of conduct. If things go wrong, buyers can get AIPP to put it right through its internal and independent complaints procedure. In addition, AIPP’s ‘Buyer’s Guide’ provides overseas property buyers with useful guidance on managing the risks of buying a property abroad.
World of Expats also has Overseas Guide Company's Overseas Property Guides available on the site. These guides explain the buying process fully for each country, making you aware of common pitfalls and mistakes. In addition, Mortgage advice from Overseas Mortgage Broker and help with moving money abroad from Smart Currency is also available.
When moving overseas, it may also make sense to stay in temporary accommodation while you get to know the area and choose where you want to buy. World of Expats has an online booking facility from VisitRentals, which provides access to access to over 175,000 apartments and suites in over 300 worldwide destinations. VisitRentals continues to increase the number of accommodation providers and aims to attain 500,000 apartments in over 3000 destinations over the next few months.
“VisitRentals provides access to a wide range of short term options that can provide the comfort and convenience of apartment living rather than the restrictions and expenses of living for a prolonged period in a hotel and this can be an ideal option for many as they settle in to their new life abroad,” says Nigel. “Moving abroad, or buying a property in another country, is a big move and, at World of Expats, we are ready with all the advice and access to the services you need.”