The latest twist in the Brexit saga is a potential pact between Labour and the SNP to force the Conservatives out of office. Given that even with the DUP votes Boris Johnson only has a majority of one – and plenty of enemies on the Conservative back benches – the success of such a move cannot be ruled out. However, most of the opposition parties appear to loathe each other even more than Brexit, or the Conservatives. And the fate of the Lib Dems after going into coalition in 2010 will be a warning against working together.
No wonder that more people than ever are telling us that they want to try living abroad! Maybe not forever, and many not all the time, but just getting a little bolthole somewhere sunny until it’s all sorted out. After all, that’s why so much British and American property is sold to Chinese and Russian buyers – they’re known as Plan B properties. A place to store your wealth and a base from which to apply for a visa if political and economic matters head south back in the East.
The rules on property ownership for British people in European Union countries won’t be affected even by a no-deal Brexit. Of more worry is the strength of the pound. You might class the position of the pound right now as “queasy”. It’s looking distinctly green around the gills but might well fare considerably worse in the months ahead.
The plus side is for those investors from abroad coming into London. Prices are down by 8% just on the currency, let alone the fall in prices themselves. There hasn’t been an opportunity like this for over a decade.
For UK buyers abroad, the fall in sterling will have raised the price of homes priced in euros or dollars. But homes abroad are still highly affordable, with great opportunities for capital growth. With no end in sight for sterling’s slide, it may not make any sense to wait.
Speak to your trader on 020 7898 0541 to discuss your currency options and avoid losing any more on a falling pound via a Forward Contract.
