The Australian property market could be set to receive a boost after a new report revealed that the country is one of the leading destinations for wealthy Brits seeking to emigrate to warmer climes.
The study, from Lloyds TSB International, found that 22 per cent of millionaires in the UK are considering moving overseas within the next two years.
Nearly two thirds of Britons cited poor weather as the main reason to emigrate, while around half were concerned about crime.
With so many people looking to escape to the sun, it is no surprise that Australia was ranked among the most popular countries to move to alongside France, the US and New Zealand.
Lloyds TSB international director Richard Musty said: "Wealthy Britons are increasingly considering emigrating, not necessarily for financial reasons, but because they feel their quality of life may be better elsewhere.
"We are seeing this in our client base too, with France, Spain and America increasingly popular locations to settle in."
Posted by Steve Douglas