We've seen a significant increase in the number of British people selling second homes/holiday homes since the start of the year
(PRWEB UK) 26 July 2012
What was once considered a financially lucrative extended vacation is now a burden to many as property owners overseas are slashing prices to sell up and return to the UK. Currency exchange provider, Currencies.co.uk, has seen repatriation figures rise steadily over the last five years and if Greece leaves the Euro, this figure is expected to rise further.
Since last year, Currencies.co.uk has witnessed the number of Brits selling properties abroad increase by a startling 24% compared with an increase of 2% in 2010-2011. According to the research, it’s not just the weak Euro to Pound exchange rate that’s to blame for this.
When asked about their reasons for selling up and returning to the UK, the most common responses were:
- The rising cost of living in the UK is putting pressure on their finances
- The future of the Eurozone is uncertain and they can’t rule out another property crash
- There has been a huge reduction in rental income from privately owned overseas properties so these investments have quickly become money pits
- They need capital and as banks are unwilling to lend this is the only solution
Stephen Hughes, Director of Currencies.co.uk, said, “The Sterling exchange rate is currently the best it has been for years against all other major currencies. As a consequence, Brits selling overseas investments are being dealt a double blow with both house prices and the value of their Euros being at record lows, what makes it worse is that many of them have no choice! We have seen a significant increase in the number of British people selling second homes/holiday homes since the start of the year, particularly in Spain and Greece.”
Currencies.co.uk also predicts that if Greece exits the Euro, the value of properties there will fall dramatically, another reason for the rush to sell. A large proportion of owners of property in mainland Europe are already drastically cutting their property prices in order to encourage sales.
Stephen comments, “If Greece was to leave the Euro, its Government would undoubtedly look to devalue the new currency in order to make their exports as competitive as possible and this would cause properties to fall in relative value quite substantially. Due to the strong Pound and the potential bargains available in Europe, cash rich buyers can snap up a great property bargain.”
Those looking to convert a large amount of money for a foreign property purchase/sale should consider a specialist currency exchange provider which should offer an exchange rate as much as 4% better than that of a high street lender. For a property sale of €300,000, that’s a difference of more than £9,500.
http://www.currencies.co.uk has saved its customers thousands of pounds because it offers a market leading commercial rate of exchange. As a specialist currency broker, it has years of experience dealing with a variety of private clients and businesses who need to move money internationally.
For further information, please contact:
Teamspirit Public Relations
0207 360 7625
Teamspirit Public Relations
020 7360 7826
Recognised for its market leading exchange rates* and award-winning customer service**, Currencies.co.uk, otherwise known as Foreign Currency Direct, has been providing its 43,000 private clients with quick and simple foreign exchange trades and international money transfers for 12 years.
Service is the cornerstone of the business. Founded by the forefather of the industry, Peter Ellis, currencies.co.uk lives and breathes foreign exchange and always aims to pass on the benefit of its expertise direct to the clientbase. The business keeps its clients fully informed on how international events and economic decisions will directly affect their finances. A small difference in the exchange rate can make a huge difference in your pocket.
Currencies.co.uk also works with corporate clients and is the first choice currency provider for music industry professionals and sponsors a number of music awards.
- For three consecutive years, the Sunday Times named them as best exchange rates provider.
** They were a runner up for the National Business Awards’ Best Customer Service award 2008