More Britons set to retire abroad

An increasing number of Britons are set to retire to the sun in the next few years, according to an expert.

Mike Jones, business development director at Bank of Scotland International, said that about 250,000 people leave the UK every year to work overseas, while many more chose to purchase a holiday home or retire abroad.

Speaking to Mortgage Solutions, he stated that this trend was likely to continue, especially in popular markets such as France and Spain.

Mr Jones said that more distant locations were also highly rated among overseas property buyers, such as Australia and New Zealand.

However, he rejected the suggestion that foreign purchases were solely the domain of older people who had already retired.

He said that people of different age groups, including under-35s, had purchased overseas property and relocated abroad.

Last week, property firm Casa Travella stated that most overseas buyers tended to favour the more established European markets, partly because they were relatively close to the UK.

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Source: Adfero Ltd