Britons can enjoy the lowest cost of living in Spain, where goods cost as much as £700 less, new data shows.

The overseas property experts at Property Guides have released the new Cost of Living Overseas Index looks at living costs across 13 countries.

It compares UK prices with those in Spain, France, Italy, Portugal, Cyprus, Greece, Ireland, Germany, the USA, Canada, Australia and New Zealand.

The report delves into everyday living expenses to help provide a more “realistic” perspective on the day-to-day outlays an expat, holiday home owner or retiree will encounter when settling into a new home abroad.

Spain was found to have the lowest cost of living compared to the other 13 countries analysed. A “basket of goods” that costs £1,996 in the UK would cost just £1,295 in Spain – a saving of £701.

Christopher Nye, chief editor at Property Guides, commented: “It seems harder and harder to make ends meet in the UK, and so more and more Britons are considering moving abroad for a more affordable, warmer and more exciting lifestyle.”

The “basket” of goods and services comprised everyday staples like a litre of milk and a loaf of bread, with a few additional British favourites like the all-important teabags and a gin and tonic.

Also included is the cost of setting up a new home, including decorating materials, a trip to IKEA and the cost of a cleaner.

Property Guides also considered other costs, such as car rental prices, petrol costs, Netflix subscription costs and the price of cinema tickets.

When it comes to energy costs, electricity remains more expensive in Cyprus, the USA and Canada, while it’s significantly cheaper in Spain and Italy.

For cupboard and fridge staples like bread, butter, milk, apples, dog food, chocolate and laundry detergent, shopping in Spain in 2024 was found to be the cheapest.

The same basket of supermarket essentials costs 53 percent more in the UK than in Spain. Most notably, dog food, gin and dark chocolate are more than double the price in the UK compared to Spain.

Interestingly, people pay less for paracetamol in the UK, where a 16-pack came in at just 39p. People could pay as much as nine times that amount in Cyprus or Canada.

Fuel prices have surged in the UK since the pandemic, a trend also seen across Europe.

Conversely, the USA boasts the lowest fuel prices. Property Guides found filling a 50-litre tank with unleaded petrol costs approximately £37.88 in the USA, compared to £46.50 in Australia and £59.06 in Spain. In contrast, it’s around £77 in the UK.

Mr Nye said: “But if you’re moving abroad to save money, be careful. Because not everywhere is cheaper than the UK. To help people see whether they could realistically be enjoying a better standard of living abroad, The Cost of Living Overseas Index 2024 has the answers for 12 of the most popular countries for British people, and other nationals, to move to.

“Living abroad isn’t just about the price of potatoes. That’s why the Cost of Living Overseas Index covers a range of typical household expenses, from grocery essentials to health products, furniture to subscription services, travel and leisure.

“We’ve broken down the costs of actually living abroad – not just travelling for a holiday”.

Overall, here are the rankings from the least expensive to the most expensive country according to Property Guides’ Cost of Living Overseas Index:

1. Spain (1,295 – £701 cheaper than the UK
2. Italy (£1,451 – £553 cheaper than the UK)
3. Portugal (£1,486 – £510 cheaper than the UK)
4. Greece (£1,490 – £506 cheaper than the UK)
5. Germany (£1,694 – £288 cheaper than the UK)
6. Ireland (£1,714 – £281 cheaper than the UK)
7. Canada (£1,781 – £215 cheaper than the UK)
8. Cyprus (£1,809 – £187 cheaper than the UK)
9. USA (£1,829 –£167 cheaper than the UK)
10. France (£1,851 – £145 cheaper than the UK)
11. Australia (£2,162 – £166 more than the UK)
12. New Zealand (£2,307 – £310 more than the UK).

The full index and data breakdown can be found here.