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Half of Brits seek overseas property for retirement

Wednesday, 20 February 2008 10:39 AM

Half of the UK population would prefer to enjoy their retirement abroad, according to the latest research from property portal HotProperty.co.uk.

The research finds some 47 per cent of Brits would take the option to spend their autumnal years in a warmer climb.

"With the property market a little shaky and living costs in the UK continually rising it is perhaps not surprising that the majority of Brits would rather retire overseas than move within the UK," said HotProperty managing director, Shawn Luetchens.

However, it may not be disenchantment with the country as a whole for retirees, so much as displeasure with their present location.

Of those looking to stay in the UK when they retire, heading to the coast was the preferred option for 24 per cent.

Furthermore, some 18.5 per cent of Brits not looking to emigrate when they retired from the world of work said they were looking for property in the countryside.

The least popular option was retiring to the city (10.5 per cent).

According to figures from the Office for National Statistics (ONS) an estimated 400,000 long-term migrants left the UK in 2006.

This was the highest level of emigration recorded by the ONS since total immigration measure was launched in 1991, and was 41,000 higher than the 2005 estimate.

Just over half of these emigrants (207,000) were British citizens.

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