Falling sterling and EU Referendum concerns have no effect on would-be overseas buyers
Last month, the team at Smart Currency Exchange exhibited at the A Place in the Sun Live! property show in London – one of the biggest overseas property exhibitions on the continent.
Despite fears that the ongoing discussions surrounding the possibility of a ‘Brexit’ are putting off those looking for property in Europe, the 8,565 visitors who attended over the course of the weekend were actually a 10% increase on last year’s event – a record number of attendees!
Our CEO, Charles Purdy, said: “Encouragingly, people’s desire to buy abroad also doesn’t seem to have been affected by the pound’s steady weakening against the euro between December and April. In fact, at the time of the exhibition, the pound was seven percent weaker than it was during the event last year. As always, we found the exhibition a valuable opportunity to outline the benefits of using a currency specialist to transfer money abroad, and the ways we can help deliver peace of mind during the property purchase process, particularly in times of uncertainty.”
Our partners at PropertyGuides.com also attended, alongside many of those in the overseas property industry showcasing property in various locations in Europe – and further afield, like the USA, the Caribbean and South Africa. Spain was by far the most popular destination, and the numerous seminars on the process for purchasing property here were standing room only.
Elaine Ferguson, Head of Property Guides’ Resource Centre, agreed, “Spain was definitely the country of the moment for visitors to our stand. And we received even more enquires than the smaller event in Manchester earlier this year, despite all the doom-mongering surrounding the EU Referendum. Would-be homebuyers who spoke with our team at the event didn’t voice any concerns about the possibility of Brexit. They just want to get on with buying their own little slice of sunshine. The new, higher rates of stamp duty on second homes in the UK could have triggered some people to look abroad as a more viable alternative.”
If you are seriously considering buying property overseas, regardless of the upcoming Referendum and uncertain sterling-euro exchange rates, make sure you speak to an expert at Smart Currency Exchange today. We can discuss up-to-the-minute market changes with you, assess the impact they could have on your purchase, and assist you in finding the best ways to minimise these risks.