The $30 million question: Why Britons are moving abroad

With the UK's cost of living on the rise, many Britons are considering a move abroad to Spain, France, and Portugal for a better lifestyle. according to industry guidelines set by Pensions UK, a decent lifestyle in retirement requires an annual income of £31,700 in the UK for a single person and £43,900 for a couple.

But it's not just the weather that's pushing people to consider a move. Many are also investigating whether their savings or pensions might stretch further.

Spain: The top retirement choice for Britons

Spain remains the top retirement choice for Britons, with over 100,000 UK state pensions paid to expats in Spain,according to the Office for National Statistics. Post Brexit, UK nationals are still the biggest group of foreign buyers in Spain, according to the latest figures.

Property prices are going up across Spain, but your money still goes a long way in locations such as Alicante in Costa Blanca.. You can find a four-bedroom villa with private pool for €445,000 (£385,500) in Calpe, or a three-bedroom villa with a pool in the buzzy resort of Ciudad Quesada for €475,000 (£411,500).

France and Portugal: Alternative retirement destinations

France and Portugal are also popular retirement destinations for Britons. In France,UK pensioners can use an S1 certificate to access heavily subsidised local state healthcare on the same basis as locals.

In Portugal, you can find a two-bedroom townhouse for €169,900 (£147,200) in Los Alcazares on the Mar Menor.. Prices are higher on the Costa del Sol, especially arounnd the expensive 'Golden Mile' near Marbella, but areas to the west such as Estepona and La Duquesa offer better value and are on the up.

The challenges of moving abroad

While moving abroad can be a cheaper and sunnier option, there are still challenges to consider. You need to budget for 10 to 14 per cent purchase costs in Spain, but if you want to get a mortgage, fixed-rate deals are only 2.5 to 3.5 per cent, plus the buying process is quicker than the UK - usually six to ten weeks.

You must also use a good lawyer to check any issues around illegal extensions or changes made to the property.