Overseas property buyers 'may sit it out' for better exchange rates

Recent improvements in foreign exchange rates could prompt those considering buying overseas property to delay their purchase.

This is the view of Robin Wilson, head of overseas at Rightmove.co.uk, who said some potential buyers may "sit it out" in the hope of securing better rates.

He suggested that people would be looking to call the top of the market before making an international money transfer.

The pound has been strengthening against the euro in recent months, hitting 1.1956 on July 8th.

Concerns over the debt crisis in the eurozone could prompt further improvements in the weeks and months ahead.

"Eight months ago £175,000 would have bought roughly €187,000 but today that same £175,000 would get you almost €30,000 more," Mr Wilson explained.

"Of course the ability of the pound to go further will help and Brits will be able to afford more expensive homes," he added.

According to a recent survey by the Worldwide Property Group, some 65 per cent of people believe that it is currently a good time to buy a foreign property.

Posted by Sarah Pitton

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