Exchange rates have 'huge impact' on foreign property costs

Currency exchange rates have a "huge impact" on the cost of overseas property and potential investors have been encouraged to take advantage of the services offered by specialist foreign exchange bureaus.

This is according to Paul Collins, editor of BuyAssociation, who noted buyers can protect themselves against a sudden fluctuation in exchange rates by visiting specialist currency companies.

"It can have a huge impact in terms of the prices that people pay, which is why using specialist currency companies can be one of the most advantageous ways of investing overseas," he added.

"They have forward contracts which allow you to fix your exchange rate up to either 18 months or two years in advance."

It follows a recent study by insurance firm Aviva which found that 54 per cent of Brits aged between 18 and 45 years would contemplate making a permanent move overseas.

The organisation claims that recent austerity measures introduced by the government are one of the primary reasons for the unrest.

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Posted by Sarah Pitton