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Cost of living spirals for expat Brits – survey

Carmen Reichman
Written By:
Carmen Reichman

High inflation and falling house prices have led to spiraling living costs for British expatriates, according to a survey.

Expat Britons have seen an average annual inflation rise of about 8%, almost three times the UK rise of 2.7%, based on the consumer price index, according to a survey by the Post Office.

Two-fifths of the 730 people surveyed said living costs had risen by more than 10% in the last 12 months, while those living in Portugal and Greece reported a rise of up to 20%.

At the same time house prices have fallen and more than half of those surveyed said their property was now worth less than when they bought it.

The vast majority of expats living in Spain said the value of their home has seen a reduction in price in the last 12 months, with some believing it has dropped by more than 30%.

However, “one bright spot is that the expatriate inflation rate has actually fallen a little, from 11% in last year’s survey to the current 8%”, according to insurer Zurich.