Britons opting for the grown up gap year - 1st September 2008

An increasing number of Britons are upping sticks and moving abroad for guaranteed sunshine and cheaper property.

Many are choosing to extend the traditional two-week holiday to a year or more abroad to escape the inclement weather, as well as the gloomy economic climate, according to a recent report in the Times.

It reports that the idea of taking a grown-up gap year is appealing to ever more of us – fortysomethings seeking long-overdue career breaks, baby-boomers wanting to make up for lost time, or young families wanting to give their pre-school children a taste of foreign life. But how are people funding these moves abroad when it’s a difficult time to sell property in the UK? Well, it seems that the property market slump is seeing all manner of homes that won’t sell being rented out instead, and their owners seeking an alternative lifestyle overseas.

For many, it’s a case of having their cake and eating it. They can benefit from rising rental yields in the UK, keep their place in the property market and receive an income to help pay for their life overseas.

Simon Conn, Sales and Marketing Director at Conti Financial Services, says: “If someone already has a property abroad to escape to for a grown up gap year, renting out their home in the UK could be the perfect solution to fund the trip. If they want to buy abroad, releasing equity from their UK home could be the answer, but specialist advice should always be sought to ensure essential checks and valuations are carried out.

“Either way, their money will go further if they rent out in pounds and head to a dollar-based or non-euro country, although the weakening euro is making the move to Europe less expensive for Britons than it has been in recent months.”