A number of economic factors are combining to make now an ideal time for British people to think about emigrating – especially if Australia or New Zealand happens to be their intended destinations.
The first factor, and one that we touched in an article last month, is that the British property market is improving rapidly, and house prices across the nation are rising after years of stagnation.
Data from a number of sources reveals that confidence is fast returning to the UK’s property market as government and Bank of England schemes designed to boost mortgage approval rates begin to take hold. Earlier this week it was announced by the British Bankers Association that the number of house purchase mortgages approved rose by 24 per cent in May and was up by 7,000 on the number of mortgages approved in the same month last year to 36,102.
The most recent house price data from the Nationwide Building Society, released earlier this month, shows that the average house price in the UK is currently £167,192. What’s more, the data revealed that house prices have climbed every month since October while the number of property transactions made in the first four months of this year is approximately 5 per cent above the monthly average for the same time last year.
What this means is that potential immigrants, who may have been worried about emigrating during the house price crisis due to not having the funds available from their house sale to fund their move, may soon find themselves in a financial position to be able to do so.
And, if Australia or New Zealand is indeed your intended destination, then the financial position you may find yourself in may be even better than you had hoped. Weakening dollars in both countries means that cash rich Brits with pounds to exchange should find themselves better off than they have for some time – providing expert advice is sought from a currency exchange company first, of course.
Concerns over the Australian economy – not helped by a change in Prime Minister just months before a General Election – and expectations that the Royal Bank of Australia will cut interest rates in the coming weeks and months, has led to the Australian Dollar weakening considerably in the past few months. In fact, in recent weeks the Pound has risen towards its highest level in almost three years against the Australian Dollar. For example, today you will be able to buy approximately AUS$1.64 for £1, compared to just AUS$1.45 at the end of March. If exchanging £100,000 this is a difference of AUS$19,000 in just three months – not a bad extra sum to start your new life with for doing little more than taking good advice from foreign exchange specialists.
It’s a similar story in New Zealand, with the Kiwi Dollar being indirectly affected with the economic situation in Oz. Earlier this week the British Pound hit a five-month high against the NZ dollar reaching NZ$1.99 per £1. In mid April the exchange rate was as low as NZ$1.78 per £1. I’m sure you don’t need me to do the maths to explain how much more money exchanging at the right time could have netted you here!
So, with property values in the UK climbing and more interest being shown by purchasers, cash rich Brits currently have an opportunity to make sure they start their new life Down Under with considerably more money than they may have thought. So don’t delay. If you know you can get a visa then let’s have no more of those ‘should we, shouldn’t we, can we afford it’, conversations. Get your house on the market, get it sold and speak to a specialist currency exchange firm to make sure you take advantage of the Pound’s strength against the weak Australian and New Zealand Dollars.