More people look to buy overseas in depressing January

Nearly half (48 per cent) of the British population believe January to be the most depressing month of the year and 40 per cent would consider buying a place in the sun as a result of feeling depressed or anxious.

These were the findings from new research from Moneycorp, the foreign exchange specialist. And it seems the state of Britain, economically and politically, plays a significant role in the nation’s January blues.
Recent figures from the Office of National Statistics appear to support Moneycorp’s findings. In 2006, an estimated 400,000 British residents left the country with the intention of staying away for at least a year, an increase of 10 per cent on the previous year’s estimate and the highest number ever recorded.

Plus, according to a new study from the Department for Communities and Local Government (DCLG) the number of English people buying a property abroad has risen by more than 60% from 129,000 in 2000/2001 to 211,000 last year. Some 60% of these buyers are aged between 45-64.

The Moneycorp study reported that over a third (35 percent) of the people interviewed are dismayed by the state of the NHS, rising to almost half (45 percent) of the over 55s. Unsurprisingly, the younger generation (18-24s) are less affected, with only one in five (20 percent) citing this as a worry.

More than one in five (22 percent) of the population are troubled by the apparent instability of interest rates, and for 18 per cent, the threat of the credit crunch and the uncertainty surrounding the housing market makes this January a nail-biting time. Interestingly, it appears Scots are the most positive when it comes to confidence in the housing market – just 12 per cent worry about prices.

Londoners, however, bear the brunt of the anxiety with 21 per cent saying it depresses them.

Seasonal factors are also casting a cloud over the mood of our countrymen. Nearly two thirds are made miserable by the cold, wet, winter weather (61 per cent) and short, dark days (60 per cent). Stretched finances following the festive splurge plague a third (36 per cent) of people and one in 10 (9 per cent) lament the end of the party season.

Nick Bull, Head of Marketing at Moneycorp, said: “This research provides real insight into the collective psyche of the British population at this time of year. It’s no great surprise that January is the most depressing month.

Richard Brady, a Director of overseas property specialists Olive Tree International said: “What all these figures do show is the continuing and escalating interest in buying abroad and not just in established countries such as Spain and Italy but also in new areas such as Bulgaria, Cape Verde and Bahrain which have also proved very popular in recent years.”