one million Britons living in Spain some 74 per cent revealed that repatriation is now a distinct possibility, according to a study undertaken by Moneycorp.Some 37 per cent of those surveyed admitted that they were already looking into returning to the British Isles.The house market crash has seen the value of homes on the Costa del Sol crash to below 65 per cent their original asking price.
“Brits living in Spain are particularly affected by the struggling property market with many owning holiday homes and letting out their Spanish properties.”
Add the plummeting pound and limited job opportunities, the survey has fuelled fears that there could be a widespread exodus.
“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,” said David Kerns, Head of Private Clients at Moneycorp.
“Brits living in Spain are particularly affected by the struggling property market with many owning holiday homes and letting out their Spanish properties.”
Meanwhile, the survey also revealed that more than a third of expatriates in Italy, Germany and France are also mulling over moving back to the UK.Kerns added: “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.”
The survey interviewed 250 Europe-based UK expatriates and was conducted from October to November 2009.
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