21/11/08 London-Specialist foreign exchange brokers Currency Index have reported an increase in UK owners of overseas property selling up and cashing in on record Euro exchange rates.
The Euro is currently 18% more valuable against the Pound than a year ago – up from 71p to over 84p currently. Brits who bought property in Europe in January 2007 bought at 66p and have seen a 26% increase in the value of the Euro.
On a £200,000 purchase, the changing exchange rate has effectively increased the property value buy over £50,000 in a 2-year period.
Properties in Spain have hit the headlines for falling values in recent months, however Brits selling up and moving home have plenty to cheer by securing a record price for selling Euros, even if they have lost out on the Euro sale price of their property.
Chris Hall, Payments Manager at Currency Index, reports a 37% increase in transactions from Euros to Sterling in the last 3 months.
“Clients are achieving fantastic currency rates when transferring money back to the UK, especially when they can gain even more by using a currency broker to get commercial exchange rates”, says Hall.
Barclays Capital are projecting some recovery for the Pound in 2009, so it may be wise for people selling overseas property to secure rates while we are at all-time record levels against the Euro. For the latest news, keep in touch with an FX company who will be able to keep you updated.
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