Pound goes further down under

Country:  New Zealand

6 March 2009

Fresh research from Foreign Currency Direct reveals that Brits living down under are enjoying a far lower cost of living than Brits who have settled in other popular expatriate destinations.

New Zealand has been names the cheapest of Britons’ top ten choices for emigration, with a cost of living 33% lower than in the UK. Australia is not far behind, offering a cost of living 22% lower than in the UK.

Summary of the top 10 countries where Britons would most like to own a property, and the percentage in cost of living compared with the UK:

New Zealand -32.72
Australia         -21.82
Italy                -13.55
Cyprus           -   7.58
Canada         -   1.37
Greece           +  3.23
US                  +   4.68
Spain             + 11.54
Portugal        +13.02
France           +34.29

Falling pound creates price hike in Europe:
Despite the Southern hemisphere offering a saving haven for British expats, the devaluation of the pound against the euro may price many British expats out of living in close proximity to the British Isles. At the current rate of exchange of €1.12 to the pound, Britons are paying an additional 10% on the cost of purchases in euros compared with September 2008 (this figure rose to 22 per cent in January when the pound reached an all time low of 1.0195 against the euro).
 
Cost of Living in Europe:
At current rates of exchange, the cost of living in Greece, Spain, Portugal and France is higher than the UK, with France revealed as the most expensive destination of choice for British expatriates (34% more expensive than the UK). Italy and Cyprus remain cheaper destinations closer to home, offering a cost of living that is 14% and 8% lower than the UK respectively.
 
Peter S. Ellis, chief executive of Foreign Currency Direct comments: Relative to the euro, exchange rates between the pound and the New Zealand and Australian dollars have remained surprisingly stable over the last six months. Coupled with an overall lower cost of living, and the promise of sun, sea and scenery, Australia and New Zealand are becoming increasingly attractive destinations for British expats.
 
“When considering a move abroad, Britons should not only consider the quality of life and cost of property overseas, they should also be aware of significant variations in the cost of living. If your main source of income is in sterling, the cost of items overseas can vary significantly with exchange rates.  Foreign Currency Direct can help you to move your money overseas ensuing that you get the best possible exchange rate, giving you one less thing to worry about when making a move abroad.”

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