Currency Exchange - The Pitfalls of Buying Abroad
Many Brits dream of owning a property abroad but the current weakness of the pound in the currency exchange market is making it more of a nightmare for those looking to invest in a holiday home.
According to a report on This is Money, the increasing weakness of the pound in the currency exchange market is having a knock-on effect for those looking to make property purchases abroad. Many hope that sterling will return to its previously strong position in the foreign currency exchange market but, at present, its weakness against other currencies is making property purchases abroad a good deal more expensive than they once were.
Currency Exchange - A Place in the Sun
The resurgence of the Euro in the currency exchange market has been a recipe for disaster for those Brits hoping to purchase a property in Europe this summer. There are still specialists foreign currency exchange providers that offer favourable deals for big transactions but the significant weakening of the pound is likely to affect the number of holiday homes bought this year. According to the report on This is Money, anyone looking to buy a holiday property in Spain or France will be ruing the fluctuating currency exchange market as a property priced at €200,000 will leave buyers having to fork out £26,000 more than would have been the case at this time last year.
Currency Exchange - Buying and Selling
Obviously, the weakening of the pound in the currency exchange market isn't just affecting the Brits looking to buy property overseas. It is also having ramifications for the owners of homes abroad looking to sell their property. According to the report on This is Money, the fluctuations in the currency exchange market are making investors lower their price brackets as their money no longer stretches as far. However, currency exchange expert, Mark Bodega, believes there is room for compromise and states to This is Money, "If you're buying in Europe from a fellow Brit, use the rise in the euro to renegotiate the price. Point out that the seller is now £25,000 better off if they're bringing the proceeds back to the UK, so they can afford to at least split the difference."
Speak to Foreign Currency Exchange Ltd About Your Currency Exchange
Foreign Currency Exchange Ltd is a commercial currency brokerage based in the UK. We help thousands of clients move hundreds of million pounds across the globe every day. From large businesses to private individuals who wish to send regular payments abroad, you can save money by getting a better currency exchange rate than your bank. Foreign Currency Exchange buys currency at wholesale rates and can help you save money with our fast secure service. For more information contact us now, telephone +44 (0) 20 7989 0000 or email info@fcexchange.co.uk.