UK buyers who are buying property in Europe have seen their buying power sky rocket since the start of the year. This is down to the pound being very strong against the Euro. The exchange rate has been the best it has been for five years for UK buyers. Making it a better time than ever to splash out in a new overseas retreat in Portugal , Spain, Italy, France, Greece or the rest of Europe
The strength of sterling at present means buying a property in Europe is about 12% cheaper than the same time last year. Not only this but the cost of living abroad has also fallen for UK buyers who have sterling based incomes. Meaning they can go out for more meals and a few extra glasses of wine each week. The Swiss central bank lifted a cap on the value of the franc against the Euro was one of the factors in weakening the euro against the pound.
Not only this but the European Central Bank announced plans for a easing programme in Europe which made the pound even stronger against the weakening euro. The new anti austerity government in Greece also didn’t help put any faith in the future of the euro as the newly elected Greek government don’t seem to want to keep the euro making it fall even further.
These political events have made it one of the best time in years for UK buyers to grab a deal in buying overseas in Europe. Nothing is certain or lasts forever in the currency exchange markets but now is the time to invest overseas if you have sterling. The Euro may recover in a few months but nothing is certain.
If you are buying a overseas property in Europe to make the most from the best exchange rates speak to a currency exchange specialist. We have partners who help us send money for clients buying property in Europe so we can recommend a good and reliable company to work with. Do not go to a UK bank as you will receive a poor exchange rate and usually you don’t get offered any assistance with future transfers as banks are out to make as much as they can remember this. A good currency exchange helps you budget and offers free advice and allows you to reserve a competitive rate for all future transactions.