Foreign exchange fluctuations have 'massive impact' on property

Foreign exchange fluctuations are key to the property markets aboard, according to one expert.

Marc Da-Silva, editor of Homesoverseas.co.uk, has said that fluctuations in the foreign currencies can have an "absolutely massive" impact on Britons who are considering moving abroad.

His comments follow a Rightmove report which noted that the number of people considering purchasing a property overseas has fallen recently.

This decline was attributed to a weak pound.

The biggest drops in interest were seen in Berlin and Marbella, with decreases in interest of 44 and 34 per cent respectively.

Mr Da-Silva noted that property prices have tumbled in Spain by around 30 per cent.

However, he explained that the decline in interest could be because the price fall "has very much been offset by a fall in the UK pound which is [down] around 30 per cent against the euro in the last two or three years".

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Posted by Chris Barber