Australia set to become the number 1 retirement destination
Britons' propensity to holiday abroad has already caught the eye of British property investors who see the gains in summer rentals to ex-pat tourists.
But new forecasts from think tank the Institute of Public Policy Research (IPPR) have shown that year-round demand for oversees property will continue to increase as the 21st century progresses.
The IPPR's report Brits Abroad predicts that by 2050 over 3.3 million British pensioners will have retired overseas.
One of the authors of the report, Catherine Drew, said: "We've seen a democratising in emigration. It is not just the well offwho are taking early retirement and moving abroad.
"Rising house prices in the UK mean more people can sell up, whatever their wealth and size of home, and move abroad."
According to the report, Australia will be the most popular foreign retirement destination, with an expected 1.3 million Britons setting up a new life Down Under.
The report also suggests that there are currently around 500,000 British nationals that spend part of the year abroad in a second home. In addition, 5.5 million live overseas permanently - around 9.2 per cent of the population.
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