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British expats returning home from Spain

MARBELLA, Spain, May 16 (UPI) -- Some Britons living in Spain say the falling value of the British pound and the global financial crisis have forced them to pack up and return home.

The lagging Spanish economy has also taken its toll on Britons living in Spain, where unemployment is at about 17 percent, more than double the European average, The Times of London reported Saturday.

"The sun is nice but it doesn't pay your bills, that's the bottom line," said Richard Shears, who works in real estate on the Costa del Sol. He said after seven years in Spain he and his wife Judith are planning to return to London this year.

The British Embassy estimates about 1 million Britons live at least part of the year in Spain.

The newspaper said the global financial crisis has also affected retirees who hoped to spend their twilight years on the Spanish coast.

Andrew Anderson, 73, a retired architect and president of the Costa del Sol British Association, said he, too, is returning to England.

"We have seen the value of our pensions go down by 30 percent. You get used to a certain lifestyle but we can't maintain that now," Anderson said.

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country boy

It's going to be quite quiet down here when all these people leave; sad for them I have no doubt, but for those of us that have planned correctly...more 'Spanish' space, peace and tranquility

anis

I've noticed it's quieter already.
Three Brit bars have closed in AEG this month. There are simply not enough clients to go round.
Those that are still open are nowhere near as busy as they were.
There is a distinct lack of youngsters ie those doing casual building etc.,
They seem to have flown the coop already.
As you say, more space and work opportunities for the rest of us.

CDThader

I have noticed that the Pound has improved a little. It is 1. 1377 this evening but has been over 1.14 in the last day or two. Reports I've read state that the euro is over valued, and should come down, allowing the Pound to rise. It's too early to get excited, but a 10% rise since the new year gives an extra 100 euros on a thousand Pounds. Quite a difference.

CD

Big Vern

Ride out the storm where the quality of life is better! Are things really going to be any easier in the UK? I for one wouldn't dream of returning, despite suffering from the poor exchange rate every month when my pension is transferred out here, getting virtually no interest on my savings and having lost a large deposit in an Icelandic bank!

keddyboy

I am thinking of becomming an MP so that I could claim second home allowance on my finca!!! [expect its already been done!]

JazminesII

Yes the pound has eroded (right now).....but do these people that are returning realise how expensive everything is in the UK.....essentially they will be worse off than if they stayed in Spain....they need to take a rain check and investigate the cost of on rates, water rates etc UK side.......

jenny42

We are losing about 500 pounds a month on our pensions at the moment and had thought about having to return to the UK although we have no property there and would have to rent. We only rent here however and have done a deal with our Spanish landlord who has been fantastic. We explained our predicament saying we may have to return to the UK and he immediately reduced our rent by 100 euros a month. That has helped somewhat and by tightening our belts, not going out to eat and generally eating as the Spanish do we are keeping our heads above water.

We have noticed Fuengirola and Los Boliches is like a ghost town now though with the main streets going from the playa to the square like ghettos with empty shops. The bars and restaurants are empty even though some of them are doing two meals for the price of one. The tourists are not here and the expat residents, like ourselves, cannot afford to go out but hey the weather is glorious, going to the beach is free, swimming in the sea is free and walking along the paseo is free so what are we griping about!

CDThader

Things are looking up.. The pound has reached 1.15 for the first time this year..1.1545 at close of trading. At least it is going the right way.

CD

Hevs

lets hope the exchange rate keeps on moving in the right direction.

When we bought our town house on roda golf every one said you must get a spanish mortgage, what a mistake having to send out funds each month with this exchange rate is crippling us.

I hope all you pensioners can ride it out and carry on enjoying your life in spain it would seem such a shame to have to come back to the cold weather and depression of the UK