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Posted April 12th, 2012 by Charles Purdy

The real cost of an overseas property…

Can you guess how much this sunny property in Florida costs? The truth is, for too many British people it’s impossible to say. Why? Because fluctuating exchange rates mean typical buyers from the UK don’t know until the day they make a currency transfer how many pounds they’ll need to exchange to meet the agreed local price of their property.

The current asking price of this four-bedroom, two-bathroom detached home in Florida is just $75,000 (for more details contact OGC on 0207 898 0549). But we thought we’d see how the actual price in Sterling to British buyers fluctuated over the space of just three months thanks to exchange rate movements. The result was by a £1,526 – just think how many visits to Disney World you could get with that…

Date Smart £/$ rate Property price
April 10 1.5787 £47,507
March 27 1.5891 £47,197
March 6 1.5756  £47,601
February 10 1.5709 £47,743
January 10 1.5393 £48,723

Using Smart Currency Exchange to make all your currency transfers is the first step to making your pounds go further when buying abroad – thanks to their bank-beating exchange rates. If you speak to us today, we’ll reveal how a forward contract could help secure the cost of your overseas home in pounds, before you have to pay for it in a foreign currency.

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