Has Brexit dented your European dream?
More political turmoil, more doubt?
We don’t know anyone enjoying the current political brouhaha (regardless of how you voted).
Our industry intelligence is certainly pointing to a rise in British buyer enquiries looking to complete a purchase before March 29th 2019. Why? Because some buyers think they will have more rights enshrined to travel and stay in Europe if they own property in Spain, France, Portugal etc before the UK reaches this Brexit date. Of that, no one can know for sure right now.
But the fact foreign nationals from around the world already own and stay in property in the EU is a key indicator that Europe is open and ready to receive foreigners and (gratefully) also the considerable investment they make in local economies.
The Alliance conservatively estimates the current 1 million or so British-resident owners of a foreign property spend £15 billion whilst visiting their properties each year. This does not include the estimated £5 billion they spend on travelling and the associated costs of getting to and from these properties.
Money, Money, Money - how can I protect my foreign purchasing power?
One of the key issues Brexit presents is the potential decline in the value of your Pound to the Euro.
Prospective British buyers may get less for their money or be unable to afford what they want at all. Alternatively the Pound could be worth more, adding potential to trade-up… no one knows.
That said, taking professional advice about currency movements (it’s free) by engaging with a currency broker well before your planned trade will give you all sorts of options you probably never knew you had, including the ability to ‘fix’ an advantageous exchange rate several months before your purchase.
If you would like to know how to make your money go further; cash purchases, regular mortgage payments or pension transfers overseas, for example, we recommend you talk to the nice people at Clear Currency. We spent 8 months researching the currency exchange market, based upon 15 years of experience, and we think these guys are the best.
Be bold but have a back-up plan!
Some buyers choose to rent a foreign property and live in their country of choice, before they buy. Many also keep a property back in the UK.
Joining the Alliance of International Property Owners (free, for a qualifying period) to represent the interests of British residents, is also a good idea.
Why we are doing this, and what you can expect from us in membership, you can read further in the ‘About Us’ page on our website.
Aside from our collective desire to to march up to Westminster and shake them all by the britches, no-one can really know what is going to happen in the next few months, but we can mitigate our risk by being as informed as possible.