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More Brits buying overseas property

Monday, 4 February 2008 12:00 AM

A record number of Brits are leaving the UK to purchase property abroad, with Australia, Spain, New Zealand, Canada, the US and France all popular destinations.

That is according to the annual Global Emigration Hotspots Report from currency conversion specialists HiFX, which finds the number of enquiries from Brits looking to emigrate across all destinations was up by 22 per cent in 2007 compared to 2006.

The findings confirm those of the Office for National Statistics (ONS), which finds some 400,000 Brits left the country last year, up from 359,000 the previous year, and the largest recorded figure since records began in 1991.

"A strong pound, rising house prices and good job opportunities abroad tend to be main reasons for Brits to emigrate," said Mark Bodega, director of HiFX.

"However different destinations hold different appeal and changes to the migration process in certain countries is really affecting the numbers of people choosing to move there."

Australia remains the most popular overseas destination for Brits looking to emigrate, with a 15 per cent increase in interest recorded in 2007, when compared to 2006.

However, changes to the migration system may stymie the trend in future, according to HiFX.

"In September 2007, the Australian government introduced changes to the skills assessment process for tradespeople," continued Mr Bodega.

"The changes have already had a significant impact on the numbers of visa applications being lodged from the UK; in particular among applicants who have no formal qualifications.

Canada is also popular among Brits looking to move to property overseas - with an almost doubling of year on year interest recorded in 2007.

However, it can take up to four years to secure a working visa for Canada, which is proving detrimental to migration to the country.

In Europe, France and Spain remain the most popular destinations.

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