A representative sample of 1,321, surveyed by GfK Financial between 24th and 30th April 2007, were asked where they would most like to live in the world. Australia was voted the most popular overseas destination by Britons at 10%, while the most popular European destination was France at 6%.
Of those who would like to live in Australia, 59% were under the age of 45 with just 16% over the age of 65 years. In contrast, of those Britons who would like most like to live in France, 76% were over the age of 45 with just 3% under the age of 25 years.
In total, 42% of respondents had considered moving or buying a home abroad and 44% of these were below the age of 45. Almost two fifths (39%) were aged between 45 and 64 years of age.
The survey, commissioned by Bank of Scotland International, found that 4% of people surveyed already owned a home abroad and two fifths of these were under the age of 45 years (40%). One in five people (19%) with a home abroad were over the age of 65.
"It is the younger generation that continues to be attracted to moving abroad and Australia and France are clearly popular destinations,” said Tony Wilcox, managing director at Bank of Scotland International.
Opportunity for IFAs
Attracted to long term business from young buyers planning for their retirement, an increasing number of IFAs are providing overseas related property advice. IFA Promotions, a non-profit organization with 9,000 IFA members, offers consumers a dedicated expat investment service – with 294 individual advisers listing this in its top eight services (out of 23) and 355 listing overseas mortgages as one of their top seven products.
As a specialized area, however, IFAP chief executive David Elms believes that retirement planning requires a ‘whole of market’ service in terms of product and an understanding of the risk and reward elements of this kind of property investment. “Most IFAs would say, holistically, is this the right thing to be doing and is it part of the right balance of investments,” he explains. “IFAs have to be able to offer more than mere mortgage advice as this is about investment.”
Source: OPP
