Will the weak pound affect emigration?

By HopwoodHouse, 07 September, 2016

The UK has the highest number of professionals who decide to leave the country in search of improved weather and quality of life according to a global immigration report.

Australia is still the number one destination with the US falling a close second but the UAE is also increasing in popularity as it is now more popular than New Zealand.

When it comes to Australia, the pound is worth more than it was in 2013 when it reached its low and with the increase in property prices in the UK, the idea of moving to Australia is still a possibility for many. The city areas can be expensive, which is expected but in Queensland, which is known for its stunning beaches and, of course, the Great Barrier Reef, it is possible to pick up a four-bedroom home for under £400,000.

In the US, Florida is still the main choice of destination for those who emigrate. House prices have risen considerably there, even with the weakening of the pound but it is possible to pick up a five-bedroom home in the Kissimmee area for under £200,000 proving that it is possible to find something that offers far better value than what can be purchased in the UK.

The United Arab Emirates has grown in popularity in recent year and this is mainly down to the fact that it is a central point. The property market in the Dubai has not been as stable as other markets around the world and this is due to the drop in the price of oil and the strength of the dollar which has made it more expensive for overseas buyers. Property prices have dropped but many believe that they have now reached the lowest, therefore, it is possible to purchase a three-bedroom villa for around £350,000. Once again, given the position of Dubai and the way in which it is a global focal point, the price of property is far more attractive than that of the likes London.

The price of property in a number of destinations is still attractive, regardless of the weakening pound. This will play a part in the decisions people make when it comes to emigrating. Despite the drop in the pound, things are not as bad as they seem, especially when it is compared to the increase in prices of UK property investments which have risen by an average of £10,000 over the last year.

Moving abroad comes with a number of financial hurdles and while the strength of the pound and property prices are two factors, it is also important to understand that the provider you use to send money abroad can make a difference. This ultimately means choosing a provider that offers a higher exchange rate, ensuring that you get more currency for your pound.