Emigrants attracted to New Zealand

Migration to New Zealand reached its highest level for five years over the 12 months to October, with many Britons moving to take advantage of new opportunities.

According to Statistics New Zealand, the nation welcomed 86,700 permanent and long-term arrivals.

Around 14,900 residents departed, leaving a net migration gain of 18,600 - the highest since August 2004.

This total included a net migration gain of 3,000 for the month of October alone - double October 2008's total.

The number of international money transfers made from New Zealand to the UK could increase due to this trend.

Commenting on the official statistics, Jane Turner, an economist at the ASB bank, said that property prices could also rise.

"As departures remain low, the supply of housing available for sale has remained below average, creating very tight conditions in the housing market," she said.

"Combined with low interest rates and a recovery in confidence, house prices have started to pick up substantially over the past few months."

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Posted by Tom Papworth