British retirees moving overseas

A growing number of British retirees are likely to invest in overseas property in a bid to escape the UK, according to new research.

Findings from over-50s insurance provider RIAS show that one in ten people of retirement age are "seriously considering" a property abroad, with bad weather and the economic downturn making life at home less appealing.

This number is on top of the 400,000 over-50s already planning to purchase a new home in a foreign country, according to a recent YouGov survey.

Janet Connor, managing director at RIAS, said that the brighter economic outlook for countries such as France and Spain is encouraging British retirees to look for property overseas.

"The European Commission expects the economies of other mature EU countries like France, Spain and Italy to begin a gradual recovery as early as the second half of next year," she explained.

Ms Connor said that other benefits such as an improved diet, lower cost of living and better climate are also driving interest in these countries.

According to data from the Office for National Statistics, approximately 85,000 families left the UK to start a new life abroad in 2007.

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