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Overseas property buyers

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Overseas property buyers

Overseas property buyers have been advised to consider their options carefully, as money will go much further in some markets than it will in others.

According to HSBC, a particular sum could give a person considerable purchasing power in one country but relatively little elsewhere.

This, it said, is because the size of the property a person can snap up with their budget will depend on individual factors unique to each nation, such as the strength of its housing market, tax levels and foreign exchange rates.

James Yerkess, head of FX at HSBC, commented: "There is a huge discrepancy in the size of property that UK buyers can purchase on the same budget in some of the most popular overseas locations for second homes."

Orlando in Florida was flagged up as one place where a person's money can go a relatively long way.

Indeed, figures showed that low purchase taxes and charges and a favourable exchange rate mean £125,000 will be enough to purchase a four-bed house in the area.

By contrast, this sum of money will only cover the cost of one-bedroom studio in Gryon, Switzerland.

"Orlando offers excellent purchase power right now, but European destinations vary and aspiring buyers who are more flexible on location should weigh up their options," Mr Yerkess said.

This, he stated, will help to ensure purchasers can snap up as much space as possible, as well as the very best facilities.

Mr Yerkess added that the relationship between the US dollar and sterling has been fairly stable throughout the last six months.

He said this is because both are in a position to benefit from continuing uncertainty surrounding the euro.

Nevertheless, Mr Yerkess acknowledged that domestic economic weakness has impacted on both currencies throughout this period.

This was said to be particularly true in the UK, as it is currently in a double-dip recession.

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