A strong pound against the euro has made it a great time for Brits to find homes for sale on the continent, portugalbuyingguide.com reports.
Minor fluctuations in the foreign exchange market can have large-scale impacts on property prices, with the higher values meaning it could often make the difference of thousands of pounds.
This has been the case in recent weeks when a strengthening British economy saw the pound rise from its previous rate of 1.157 euros to 1.185. Much of this was down to a strong and popular move by the Bank of England to keep interest rates steady across the board, whilst also reducing reliance on quantitative easing.
Whilst the difference in pound-euro rates may look small, it has a large impact when upscaled to property price levels. For example, a property in Spain or France, which may typically cost 150,000 euros, would have fallen from £129,645 to £126,582.
In light of the changes, it is thought that Brits on the cusp of buying a foreign property may find they are in a position to start making offers sooner than expected.
Commenting on the changes, financial specialist at Smart Currency Exchange, Charles Purdy, wrote on blogs.smartcurrencyexchange.com: "Conditions have just got more favourable for British people buying property abroad.
"A stronger pound is good news for anyone buying abroad."
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Author
David Howells