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Expat Investor : March 2008
Serving expats for more than 16 years J In this issue New research from Halifax shows that the South East of England was the most popular region for people to move to between 1996 and 2006, with 2.5 million arrivals from elsewhere in the UK. However, the South East also recorded the second highest number of people leaving to live in another UK region. Overall, the South East experienced a net gain from internal migration of 384,000; the second biggest of the 12 UK regions. The South West has experienced the largest net gain from internal migration during the past decade. Over 440,000 more people have Movements and removals Investor EXPAT g £4.95/ 7.50/US$7.50 March 2008 Bringing advisers and investors together Investor EXPAT Tony Hetherington Our offshore financial investigator exposes a financial scam. Practical banking Test drive the workhorse of expat financial products. Jersey What's going for growth in this popular offshore finance centre? Healthcare Research vital changes in the international healthcare market and check your policy remains current. First Person Bank of Butterfield describes its Family Office. Regulars 10 Offshore funds 12 Offshore savings accounts 21 Property investments 22 Offshore mortgage market Next issue Portfolio management Banking in the Middle East Mortgage intermediaries The essential HIPs guide 6 14 16 4 www.expatinvestor.com Internal migration patterns reveal which UK regions will be the hot property spots in the year ahead, as Hannah Beecham reports. For more information from our advertisers or about products featured in Expat Investor enter the Fast Facts number onto the Reader Reply Service coupon on page 20 or go to: expatinvestor.com Fast Facts 33000 www.expatinvestor.com "There are those that you know you should read, and then there's the magazine you will read." To register for Expat Investor digital edition, visit the website at www.expatinvestor.com Serving expats for more than 19 years 24 moved to the South West from elsewhere in the UK than have left to live in another region, boosting the region's population by 9%. Halifax's research shows that, although the population of London is still growing, 2.4 million people have left the capital to live elsewhere in the UK during the past ten years. As a result, London recorded, by a significant margin, the greatest net loss from internal migration (608,000) of any region. Northern Ireland was the only other region to experience a net loss. London's decline due to internal migration, however, was more than offset by the arrival of one million people to the capital from abroad over the past decade. Overall, the city's population has risen by 538,000 over the last 10 years. This represents the biggest increase of any region. The total population in the North East experienced a net fall in the decade to 2006 of 20,000. Populations increased in all other regions, with the South East (438,000) and South West (331,000) experiencing the biggest increases behind London. The substantial net gain from internal migration has been a significant factor behind the rapid rise in house prices in the South West over the last ten years, confirms the Halifax. The average price in the South West has increased by 206% during this period -- a rise that is surpassed only by Northern Ireland and London. But it is the country's coastal areas that have seen the biggest increases in net internal migration. Sixteen of the 20 local authorities with the highest levels of net internal migration since 1997/98 are coastal areas, suggesting that people are moving in large numbers to enjoy the benefits of living near the sea. Birmingham, the UK's second largest city. recorded the biggest decline in net internal migration (-61,000), followed by the London boroughs of Newham (-51,800) and Brent (-51,100). Nineteen of the 20 local authorities experiencing the biggest net drop in internal migration in England and Wales are in major English cities, including 15 London boroughs. Nearly a quarter of a million people (220,000) have moved to Birmingham since 1997/98, the highest internal inflow of people to any local authority in England and Wales. Birmingham also recorded the highest outflow of people (281,000). Seven of the 10 local authorities with the highest number of internal immigrants also feature among the 10 local authorities with the largest number of people emigrating to other parts of the UK. These include some of the largest cities in England and Wales -- Birmingham, London, Manchester and Leeds. Martin Ellis, chief economist, says, "Figures at a local authority level highlight the transient nature of the population in many of the UK's major cities. Birmingham, for example, recorded both the highest level of immigration and emigration in England and Wales." 2007 city movers and shakers St Albans remains the most expensive town in the UK, with an average house price of almost £350,000. Belfast saw the fastest rate of house price growth in the UK -- house prices rose by £200 a day. Oxford maintains its position as one of the most expensive places to live, while boat race rival Cambridge slips back in the rankings. Newcastle and Durham both saw prices fall by 3% in the year. HOUSE PRICE GROWTH IN UK TOWNS AND CITIES, 2007 % change Price in Price in £ Change Ranking by Ranking by 2007 2007 Q4 2006 Q4 per day price 2007 price 2006 Belfast 32% £306,698 £233,222 £201 5 7 Aberdeen 25% £234,041 £186,497 £130 11 19 London 16% £329,007 £283,554 £125 3 3 Oxford 13% £339,404 £299,209 £110 2 2 St Albans 13% £347,563 £306,767 £112 1 1 Reading 12% £256,439 £227,987 £78 8 9 Bristol 12% £240,850 £215,530 £69 10 10 Brighton 11% £307,606 £277,895 £81 4 5 Edinburgh 10% £257,288 £232,927 £67 7 8 Plymouth 9% £182,461 £167,240 £42 21 25 Cambridge 9% £306,134 £281,227 £68 6 4 Glasgow 9% £176,608 £162,284 £39 25 27 Southampton 7% £215,585 £200,852 £40 14 14 Canterbury 7% £231,122 £215,349 £43 12 11 Yo rk 6% £224,872 £211,883 £36 13 12 Coventry 5% £173,626 £164,777 £24 27 26 Bath 5% £245,124 £233,811 £31 9 6 Bradford 4% £175,331 £168,434 £19 26 24 Swindon 4% £197,389 £189,808 £21 18 18 Manchester 4% £206,181 £198,620 £21 16 15 Cardiff 4% £209,230 £201,593 £21 15 13 Leicester 4% £166,317 £160,557 £16 28 28 Norwich 3% £203,371 £196,756 £18 17 16 Liverpool 3% £157,632 £153,528 £11 29 30 Leeds 2% £195,521 £191,012 £12 19 17 Nor thampton 2% £187,927 £183,765 £11 20 20 Birmingham 1% £179,726 £177,310 £7 23 23 Sheffield 1% £181,630 £179,833 £5 22 22 Newcastle -3% £178,309 £183,653 -£15 24 21 Durham City -3% £152,902 £157,499 -£13 0 29 Source: Nationwide Almost one-third of Nationwide's survey of 30 towns and cities saw double-digit house price growth in 2007. OUT NOW! *THE ANNUAL INTEREST RATE QUOTED IS VARIABLE, GROSS AND EFFECTIVE FROM 31 DECEMBER 2007. THIS RATE IS PAYABLE WHERE NO MORE THAN 3 WITHDRAWALS ARE MADE IN A BONUS YEAR (1ST APRIL -- 31ST MARCH) WITH A RATE OF 5.75% PAYABLE WHERE 4 OR MORE WITHDRAWALS ARE MADE IN THIS PERIOD. THIS ACCOUNT IS ONLY AVAILABLE ONLINE TO INDIVIDUALS AGED 18 OR OVER AND IS NOT AVAILABLE TO UK RESIDENTS. Maximum balance is £1,000,000. Bradford & Bingley International Limited, International eSavings Unit, PO Box 263, Douglas, Isle of Man IM99 2JJ British Isles. Registered in the Isle of Man No. 052221C. Registered Office: 30 Ridgeway Street, Douglas, Isle of Man, IM1 1TA. With share capital and reserves in excess of £266 million. Copies of our most recently audited accounts are available on request. Bradford & Bingley plc undertakes to discharge the liabilities of Bradford & Bingley International Limited in so far as the latter is unable to discharge them and remains a subsidiary of Bradford & Bingley plc. Under Isle of Man legislation, eligible deposits made with an Isle of Man office of Bradford & Bingley International Limited are covered by the Depositors Compensation Scheme contained in the Banking Business (Compensation of Depositors) Regulations 1991 (as amended). This advertisement does not constitute an invitation to make deposits in any jurisdiction to any person to whom it is unlawful to make such an invitation or offer in such jurisdiction. Interest rates are variable. Your tax position will depend on your personal circumstances and you may wish to seek guidance from your tax adviser. It is the responsibility of the depositor to declare any interest received to their relevant tax authority. EU residents who are subject to retention tax by way of the EU Savings Tax Directive will need to consider the effect of the retention tax that will be applied to their accounts. Licensed by the Isle of Man Financial Supervision Commission to conduct Banking Business.%* GROSS P.A. 6.25 eSaver Internet Savings Account . Minimum balance £1 . No hassles . Helps you save . Manage from home 24/7 Available now at www.bbi.co.im/esaver Up to
January February 2008