UK expats flee eurozone turmoil

It has been revealed that over one-third of UK expats in Greece and Spain are selling up their properties to escape the European crisis. Research indicates that 39% of Brits who have estates in Greece are now trying to sell, and 34% who reside in Spain are putting their homes on the market.

The report, released by the overseas exchange broker HiFX, arrives after another research report last week said that the amount of British owners making enquiries on selling eurozone houses this year is up by 191% from the same period in 2008.

Mark Bodega, HiFX's marketing director, told the Sunday Times that if Greece exits the eurozone and goes back to the drachma, local property values could immediately devalue by up to 50%. British expats who have already sold their properties could also lose out if the sale value in euros is then converted into sterling, says Mr Bodega.

Fifty-six-year-old Lesley Wilton, who lives with her husband Patrick Tetlow and their three children, has lived in their Greek home for the past 11 years. However, they are now considering a return to the UK as they are under pressure to make ends meet.

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