A recent report from Currencies Direct reveals that 23 percent of UK adults—equivalent to around 12.3 million people—are contemplating moving abroad within the next five years, with 12 percent considering making the move within the next 12 months.
The report, titled The British Expat Report, surveyed over 1,500 UK adults and 500 British expats, uncovering key motivations for this potential mass migration. A significant 39 percent of respondents attributed the rising cost of living as their main reason for leaving, while 22 percent cited the high cost of property in the UK. Additionally, 12 percent of those surveyed pointed to better job prospects overseas as a driving factor.
Manchester emerged as the UK city with the highest percentage of residents considering emigration. According to the report, 35 percent of Mancunians are contemplating leaving the country in the next five years, while 10 percent are actively planning to move in the near future.
Younger Brits Lead the Charge in Potential Migration
The report revealed that younger generations are the most inclined to leave the UK, with 38 percent of those aged 25 to 34 considering emigration within the next five years. Additionally, 36 percent of 18 to 24-year-olds are thinking about moving abroad in the same time frame, with 11 percent seriously considering a move within the year.
Industries could be hit hard by this potential brain drain. The survey indicated that nearly half (48%) of IT professionals, 30 percent of healthcare workers, and 22 percent of those in teaching and education are contemplating relocating.
Popular Destinations and Property Purchasing Power
Spain remains a top destination for prospective British expats, with 23 percent citing it as their preferred country to move to. Other popular destinations include Australia, Canada, the US, and Italy. There is also a generational divide, with younger Brits (under 35) favoring the US and Canada, while older individuals, particularly those aged 45 and above, are more likely to head to Spain.
Currencies Direct also conducted a property purchasing power analysis of 22 countries, revealing that British buyers have the greatest leverage in South Africa, where £150,000 can purchase up to 249 square meters of property. Spain followed with 83.5 square meters for the same amount, with Cyprus, Portugal, and Greece also offering attractive property options.
Mental Health Benefits of Moving Abroad
While potential expats have concerns, such as missing family and friends (36%) and financial challenges (32%), the report shows that most expats do not regret their decision to leave. A striking 38% of British expats reported they never regretted moving abroad, and another 37 percent said they rarely did. Nearly half (49%) of expats saw improvements in their mental health within six months of moving, and 20 percent reported feeling closer to their family in the UK as a result of the move.
Nigel Fox, Vice President of Customer Success at Currencies Direct, commented on the findings, stating, “Our report highlights just how many Brits are considering moving overseas and emphasises the potential benefits of relocating. Many countries offer better quality of life and property investment opportunities, with nearly half of expats reporting improved mental health after moving.”
Amelia Brand is the Editor for HRreview, and host of the HR in Review podcast series. With a Master’s degree in Legal and Political Theory, her particular interests within HR include employment law, DE&I, and wellbeing within the workplace. Prior to working with HRreview, Amelia was Sub-Editor of a magazine, and Editor of the Environmental Justice Project at University College London, writing and overseeing articles into UCL’s weekly newsletter. Her previous academic work has focused on philosophy, politics and law, with a special focus on how artificial intelligence will feature in the future.
- Amelia Brand
- Amelia Brand
- Amelia Brand
- Amelia Brand
