Research by the Overseas Guides Company found that living in hotspots such as New Zealand and Canada is now more expensive than staying in the UK.

On its scale, if living in the UK equals 100, New Zealand scored 113.6, while Canada is the most expensive with a score of 126.2.

Prices in Europe have also increased; however, the UK is still the most expensive European location to live.

Soaring utility bills in France, for example, have pushed the day-to-day living costs in the country ahead of the UK. However, lower food costs mean it scored just 89.5 on the scale.

With a score of 78.6, Turkey consistently ranks as one of the cheapest countries to live, with low utility costs and low prices for everyday items compared to the rest of the world – particularly bread, milk and washing powder. Public transport costs are also lower there.

Portugal comes out as the cheapest country to eat out in. Beer is also priced the cheapest there, along with Italy. Wine, on the other hand, is cheapest in Italy and Cyprus.

The cost of petrol is generally cheaper throughout most of Europe, although petrol prices in Italy can be high. Diesel was found to be cheaper than petrol in every country surveyed, aside from the UK.

Angelos Koutsoudes, head of the Overseas Guides Company, said: “Our research emphasises how important it is to have a clear idea of costs in your new country before moving there, so you know you can easily afford day-to-day living costs, whatever your financial situation.”

2014 Overseas Living Price Index