There has been an increase in British expats looking at purchasing property back in the UK because of the Covid-19 pandemic.
According to a survey conducted by a leading UK real estate company, many expats have realised the importance of having a secure home base and having the option (if necessary) to return home to be close to friends and family during times of crisis. They are also planning for the eventuality of expatriation no longer being an option, due to economic factors.
At the moment, according to the survey, it seems that almost a third of enquiries come from expats looking to move back home on a permanent basis for reasons linked to coronavirus. Others, however, want to own a second home or view the property purchase as a safe investment in case there is a second wave of the pandemic or further global economic volatility.
Many expats have found themselves under strict lockdown conditions far from the UK and stuck in small apartments with their families which has been difficult. This has made many want to own a place where they have a garden. The lockdown has given many people time to contemplate and a good work-life balance is important.
It is not just British expats who are perhaps looking to return home or to create a base there so they can visit more regularly. The property consultancy, Knight Frank, noted that some 43,000 New Zealand citizens returned home in the year to March (far more than those that left New Zealand to work and live overseas). And the managing director of Sotheby’s International Real Estate in Sydney said that many Australian expat families are looking to return home from the UK and the US.
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