• 23% of UK adults are considering moving abroad in the next five years, and 12% are considering emigrating in the next 12 months.
• Manchester is the UK city where the most people are thinking about moving abroad, with 35% reporting that they are considering it in the next 5 years and 10% currently considering it.
• South Africa, Spain, Cyprus, Portugal, and Greece are the countries where British aspiring expatriates have the greatest purchasing power for buying property.

A new report from Currencies Direct It has revealed that 23% of Britons — equivalent to 12,3 million adults in the UK — are considering moving abroad in the next five years, and 12% plan to do so in the next 12 months.

The report'British Expat Report,The study, which includes a survey of more than 1,500 UK adults and 500 British expatriates, found that 39% of British adults cite the cost of living crisis as the reason for considering moving abroad, an additional 22% mention the cost of housing in the UK, and 12% highlight better job prospects.

According to the report, young Britons are the most likely to consider leaving the UK, with 38% of 25- to 34-year-olds thinking about moving abroad in the next five years. Furthermore, 36% of young adults aged 18 to 24 are considering emigrating in the next five years, and 11% are considering moving right now.

A potential mass emigration from the country could have a considerable impact on the UK workforce. The report reveals that 48% of workers in the IT industry, 30% in the healthcare sector, and 22% in teaching and education are considering moving abroad within the next five years.

23% of UK adults name Spain as their preferred destination for moving abroad.

According to currency transfer data for over 18,000 property purchases by Currencies Direct, Britons have historically preferred France, Spain, and Portugal when buying property abroad. However, according to their report, the countries Britons currently prefer for emigration are Spain, Australia, Canada, the United States, and Italy, with France and Portugal ranking sixth and ninth, respectively.

The report also highlights a significant divide between older and younger generations. For young adults in the UK (under 35), the top destinations for moving abroad are the United States and Canada, while for retirees or those over 45, the preferred destination for expatriation is consistently Spain.

The British have the greatest purchasing power for buying property in South Africa, Spain and Cyprus.

In addition to its international survey, Currencies Direct also analyzed 22 countries classified as low risk for money transfers in order to determine where prospective British expats have the greatest purchasing power for property purchases.

The analysis, which used the average property cost (per m2) for an apartment outside the city center and the interbank exchange rate, found that Britons have almost three times more purchasing power in South Africa than anywhere else on the list, with a purchasing power of 249 m2 for £150,000. Spain came in second with a considerable purchasing power of 83.5 m2 for £150,000, followed by Cyprus, Portugal, and Greece.

38% of British expats say they never regret moving abroad.

The report addresses common concerns among UK adults considering moving. The top worry for 36% of prospective expats is missing family and friends, followed by financial difficulties (32%), language barriers (29%), and regretting the move (21%).

Despite these concerns, the majority of British expats have a positive experience abroad. 38% of British expats say they never regret moving, and a further 37% say they rarely regret it. 49% of expats report that their mental health improved in the first six months after emigrating, and 20% note that moving abroad has brought them closer to their family in the UK.

Nigel Fox, Vice President of Customer Success at Currencies Direct, commented:

'Our report reveals how many Britons are considering moving abroad and highlights the benefits this can bring. Many countries offer attractive options in terms of quality of life and property investment, and almost half of expats (49%) report improvements in their mental health within the first six months. Therefore, moving abroad can be a very rewarding decision.'

About Currencies Direct

Currencies Direct is a foreign exchange and international money transfer service that offers award-winning customer service solutions. Founded in 1996, the company provides dedicated account managers for personalized support, simplifying large money transfers and overseas purchases.