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Small currency point movements

Currency exchange fluctuations could significantly impact on an overseas property transaction, an expert has stated.

According to Les Calvert, director at Property-Abroad.com, even just a slight point movement can make a "big difference" when it comes to purchasing real estate in another country.

As a result, he believes it could be a good idea for customers to research the market in order to ensure they get the best exchange rates when they transfer money overseas.

"Shopping around and looking for the best foreign currency company will give you an indication as to what you can save just on currency movements," Mr Calvert commented.

He recommended that overseas property buyers should try to avoid using banks to handle their money transfer, as foreign exchange specialists can offer a better deal.

Mr Calvert said it is worth keeping an eye on exchange rates as soon as the aspiring buyer has found a property they are keen to purchase.

He said if they are confident the sale of the property is going to go through and they plan to make a cash purchase, then "it is at that point you need to be starting thinking about where you are going to get the best rates".

Mr Calvert added that the US could be an option overseas property buyers in the UK might wish to consider at the moment.

He noted that real estate prices are still fairly low in comparison to previous years, although this depends on which specific area an investor is looking at.

Florida was flagged up as one place that offers a number of bargains. For instance, Mr Calvert said a typical four-bedroom detached villa in Florida that may have cost about £120,000 a few years ago can now be snapped up for about £80,000.

He added that overseas property buyers are "winning both ways" if they get the best currency exchange rates as well.

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