Affluent borrowers are increasingly weighing overseas moves, but brokers say the reality of relocation remains far more limited than the rhetoric
Predictions of a wealthy flight from Britain have become a familiar feature of property and tax debate, with brokers increasingly hearing affluent clients discuss overseas moves, lower taxes and lifestyle changes.
But among advisers working directly with high-net-worth borrowers, the long-predicted exodus still appears far smaller than the headlines suggest.
Conversations around relocation, taxation and overseas opportunities have become a more familiar part of client discussions in prime and high-value markets. Yet brokers and property professionals say the reality on the ground remains more nuanced than suggestions of a large-scale departure of wealth.
Recent research commissioned by Patriotic Millionaires UK found many wealthy individuals remain committed to Britain despite mounting debate over taxation and non-dom reforms, adding further complexity to an increasingly polarised narrative.
For Adrian Anderson (pictured, top left), director at Anderson Harris, talk of wealthy clients leaving the UK is nothing new. Clients regularly discuss relocating overseas, particularly to places such as Dubai, but Anderson said there is often a substantial gap between frustration and action.
“I’ve been working in the prime central London markets for 20 years and I hear this all the time,” he said. “We often hear, ‘everyone’s going to leave, there’ll be an exodus’… But from what I see, it generally doesn’t happen.”
That does not mean affluent borrowers are comfortable. Anderson said many high earners increasingly feel financially stretched despite significant incomes, particularly in London, where taxes, school fees, mortgages and lifestyle costs are eroding disposable income.
“People that are well paid, high earners are definitely feeling poorer than maybe they used to,” he said. “Taxes are higher and the cost for everything is more expensive.”
Yet frustration alone rarely translates into relocation, particularly among wealthy families already deeply rooted in Britain through schools, careers and social networks.
“A lot of these people have family here,” Anderson said. “The kids are at school happy, they’ve got loads of friends… Ultimately they’ve got a pretty good lifestyle.”
Anderson believes younger high earners without children are more likely to seriously consider overseas moves than older high-net-worth families with established lives in the UK. At the ultra-wealthy end of the market, however, London continues to retain strong international appeal despite tax changes and political uncertainty, particularly among buyers attracted by education, infrastructure and global connectivity.
Michelle Niziol (pictured, top right), founder of IMS Property Group, said her business had not seen evidence of a major withdrawal from traditionally affluent parts of the UK.
“We haven’t seen any major movement away from areas like the Cotswolds or the South East,” she said. “If anything, we are seeing wealthy individuals and families looking to move into the area rather than out of it.”
Niziol said wealthy buyers were more likely to reassess and restructure than leave the UK entirely.
“High-net-worth individuals are usually very adaptable,” she said. “They tend to review, restructure and look at opportunities differently when the landscape changes, but that does not necessarily translate into people leaving the UK.”
