Over the week the pound has continued the slow, ungainly lurch that has seen it lose 5% over the past two months. It’s hard to see any positivity for sterling on the horizon, with the inevitable political crisis we appear to be heading for in September, October and into 2020, when either Boris Johnson or Jeremy Corbyn are likely to be prime minister.
At Smart we have a busy couple of weeks ahead, before things quieten down on the property-buying and business fronts over August. Then, those who are determined to buy abroad after a lovely summer holiday – or emigrate – start looking at property again in the autumn.
Incidentally, we will be at a couple of Your Overseas Home shows later in the year, in both the north and south of the country, if you would like to apply for tickets. They do tend to run out quite quickly.
However, for those serious about buying a home abroad before the likely political shenanigans start up again, I would point out two things. Firstly, there is nothing wrong with buying abroad in the middle of summer, even when you’re on holiday. Read why buying a holiday home when you’re on holiday can be completely sensible! That includes the fact that some sellers, having missed the spring market, may be motivated to sell more cheaply. And getting legal residence abroad before Brexit is a relatively simple process that just seems like a wise precaution if you possibly can. What do you have to lose?
Secondly, with the pound likely to see some major volatility in the autumn, why not lock in your rate today for the year ahead via a forward contract? Again, for a seller and their estate agent, knowing that the buyer has locked in their currency may make them more likely to accept an offer. It also means that you can plan ahead knowing exactly what you can afford in euros or dollars for the whole year ahead.
Why not call your trader on 020 7898 0541 today to discuss your options?
