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Currency fluctuations 'affect home buyers'

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Currency fluctuations 'affect home buyers'

Prospective property buyers thinking about acquiring a home abroad can be massively affected by currency fluctuations, an expert has said.

Liz Rowlinson, editor of overseas property magazine A Place in the Sun, pointed out that a significant number of potential buyers have been put off from purchasing property in France and Spain because of the exchange rate between the pound and the euro.

She pointed out that the cost of the Swiss Franc has also dissuaded people from buying property in Switzerland.

Prospective property buyers contemplating buying a home abroad were advised to make sure that they use cheap currency transfer firms when completing their sale.

In addition, potential buyers should also conduct adequate foreign exchange comparison to make sure that they are getting good value for money.

"When you buy a property abroad you should always use a currency broker to buy your currency," Ms Rowlinson advised.

"Forward buy it at a certain favourable rate - you should get advice on that because you can save yourself lots of money in terms of financial planning.

Ms Rowlinson added that buyers obviously have to consider how much their UK pension incomes are going to be worth, so they have got to allow a margin for currency fluctuations.

Charlie Williams, business development manager at Terresens recently pointed out that although France is undergoing a period of economic uncertainty due to the current eurozone debt crisis, it still benefits from timeless appeal and boasts an "unbeaten reputation", making it a fairly safe bet for investors.

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