Foreign currency specialists FC Exchange have revealed that the number of people cashing in on their overseas properties back into Sterling has shot up by 20% over the last year.
Nick Fullerton, MD of FC Exchange commented, “A property in the Eurozone being sold at €200,000 would give its owner in the region of £162,500 back – that’s roughly a £27,000 increase from this time last year.”
“With the Euro at a 52 week high and Sterling having taken a battering in recent months – and no improvement for the foreseeable future – investors may be better off taking advantage of currency rates, selling up their Eurozone home and bringing their funds back to the UK.”
With the recent news of Stamp Duty suspension for the next twelve months in the UK, selling overseas property could become more of an attractive prospect, coupled with the level of returns due to the exchange rate.
“If you are waiting for even better currency deals you may want to consider a Forward Contract – an efficient way of ensuring a favourable rate – effectively freezing current rates so you are not at the mercy of volatile exchange rates.”