Brits eye overseas property
Tuesday, 20 May 2008 09:47
Brits eye overseas property
British buyers are continuing to consider the purchase of overseas property, despite the gathering gloom over the domestic market.
FC Exchange points to a sustained increase in the take-up of its services as evidence Brits are still examining the potential of an overseas purchase.
The currency specialist has signed up more people who are planning to buy an overseas property in April/May than in any of the past 12 months.
According to the company, this contradicts the predictions of many experts who are suggesting nothing but doom and gloom in the property market.
"Despite the turmoil in the UK housing market people appear to be keener than ever to buy property abroad and are looking for ways to tame the highly volatile currency markets to ensure they get the best deal when they invest in the next property hotspot," said Nick Fullerton, managing director of FC Exchange.
There are a number of reasons that could explain why people are more prepared to invest their money overseas in the last month. According to Mr Fullerton these include;
A reluctance of many to invest in the UK property market as prices start to drop.
First-time buyers who are still determined to get on the property ladder and rather than take a hit in the UK market they see the overseas property market as representing more opportunity for growth and better value for money.
However, there could also be one further reason why Brits are keen to purchase abroad.
"We’re also hearing from a lot of our customers who have been watching exchange rates tumble and now seem convinced that the markets will remain depressed for quite some time," explained Mr Fullerton.
"These record figures are encouraging and demonstrate the continuing appetite to invest in overseas property."
Chris O'Toole