These would-be émigrés also face a race against time as visas secured for the move need to be activated within a year of being granted.
HiFX, who help over 30,000 people buy aboard and emigrate each year, report that the numbers of people enquiring about emigration has increased 30% in the first half of 2008 compared to last year but the number of people actually making the move has only increased by 10%.
Anglo Pacific, the UK's largest specialist international removals company, reports a similar trend with interest in their international removal services at a record high but the number of customers able to relocate down on the preceding year.
Mark Bodega, director at HiFX, explained: "Bearing in mind that 2007 was a record year for emigration, the fact that even more people are looking to move abroad this year shows that there is now a very real desire to escape some of the problems in the UK economy. However the problem that many people are being confronted with is a simple one - they cannot sell their UK property and, without this equity from the sale of a house, they don't think they can fund their dream move and so are putting their move off."
As well as this situation being disappointing for would-be émigrés, it can also mean their emigration plans are scuppered for good as once a visa is granted it is only valid for a short time frame (usually 12 months from the issue date) before expiring, leaving people high and dry.
HiFX recommends one option that frustrated Brits consider is remortgaging and then letting out their property in the UK, releasing enough equity to fund the first twelve months of their move abroad. This also has the benefit of allowing émigrés the opportunity to decide which area of the new country they want to live in, prior to making a commitment to purchase. Also, if for some reason things don't work out as expected and émigrés want to return home, it is simpler to return to the UK and avoid all the purchase costs (i.e. stamp duty & estate agents costs) of buying a new home.
Bodega continued: "Once you have decided to move abroad is can be incredibly frustrating to find that you can't because you're struggling to sell your UK property. There is a lot to think about when emigrating but it may be worth deviating from your original plans and considering holding onto your UK property until the market picks up."
