Mortgages Uncovered

As both property prices and the cost of living keep on creeping up in the UK with little light yet to appear at the end of the tunnel, more and more Brits are opting to look overseas for a better life – and we’re not just talking about the usual ex-patriot haunts in Spain and other parts of Europe, but much farther afield too, like non-EU Eastern Europe, South America and even the Far East.

With the boom in property prices in the UK, and with London allegedly becoming the most expensive place in the world to live with the super-rich (like the new Russian billionaires) jostling to live there, it is a small wonder that so many Britons are heading abroad to find their dream homes and lifestyles. In parts of Eastern Europe and South America property is still dirt cheap by British standards and a luxury home can be bought or created for a fraction of the cost of a similar property in the UK.

Whereas the pound-sterling is still struggling to keep apace with the Euro it remains very strong against eastern and South American currencies, making these regions all the more attractive to British emigration. In recent years many countries that in the past would have seemed too insecure to British people in terms of economics, state infrastructure, amenities and even personal rights, have seen substantial improvements, where the standard of living from a British émigré could be the same, and even better, than in the UK for less money.

It seems to me that those with a substantial nest-egg would do well to invest in these properties overseas, especially in those regions that are experiencing massive growth, because when the pendulum swings back in the UK and prices in the property market begin to fall (or even plummet), these foreign properties can be sold for a profit in time for re-investment in cheap British properties in key areas.

Unless of course investors become addicted to the lifestyle in their new foreign home – in which case, more strength to them. Can’t beat a bit of sun and sand.

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