The advice being given to greater numbers of Britons considering moving abroad to escape the credit crunch and the state of stagflation in the UK is rent out your property in the UK and rent a home abroad – i.e., move abroad and rent, don’t sell up!
This will give Brits the chance to avoid falling and crashing housing markets at home and overseas, it will give them the chance to ‘try before they buy’ into the overseas lifestyle and it will still allow those who are passionately dispirited about life in the UK a chance to escape.
The housing market in the UK is falling fast – according to the Nationwide Building Society it has just fallen at its fastest rate in 16 years and has fallen for the eighth consecutive month. So there is little point in selling your property in the UK if you want to get top dollar for it. What’s more, if you buy a home abroad now you might well be buying into a period of falling house prices overseas as well. So, rent at home and abroad and you will be doing the best for your financial health.
That’s the advice being given to Brits contemplating how to afford a move overseas at the moment given the state of things in the UK. The unfortunate state of the economy with rising inflation, declining house values, reluctant lenders and nonexistent mortgages is pushing more Brits than ever to think about a relocation overseas, but to sell up and ship out now would be unwise. Properties are taking longer to sell and are selling for less, this means that this can slow down a would-be expat’s escape and also restrict the amount of money they have to escape with!
Conversely, the rental market in the UK is going strong. Rental rates are rising and there is strong demand for property – so much so that many Brits who are putting their properties up for rent find that they can cover their mortgage and then take the money they would normally pay for their mortgage and put it towards the rental of a very nice home abroad.
This state of play for Britons moving abroad actually has many advantages. We always advocate that people relocating should rent property first to ensure they like the lifestyle, the location and even the country they have relocated to – well now it seems that more people will be forced to take our advice! What’s more, keeping a property in the UK means that people still have an asset, they still have a bolt hole if they decide their new life abroad is not all it’s cracked up to be and they are not trapped in a property abroad that they cannot sell easily.
If you want to relocate overseas, don’t see the current financial climate in the UK as a problem – rather, use it to your advantage.