The Smart Currency Exchange team had an inspiring and educational weekend in Chester for the latest Your Overseas Home show. (There are two more shows this year so do apply for tickets here).
Inspiring to hear what our clients wish to get out of life abroad. Educational because we are understanding more and more about what our clients need and want, not just from us, but from the other organisations at the shows, such as Spain Property Guides.
Spain Property Guides’ latest survey, for example, showed that for 80% of buyers today’s exchange rate is seen as pretty good. Moreover, the vast majority thought that property in Spain was fairly priced. However, at least a third said they would be in trouble if the pound fell by 5% or more during the buying process.
The more eagle-eyed will have spotted that the pound did drop by very nearly that amount over the past six weeks, against both the euro and US dollar. So for those people who put down a deposit on a property at Easter and are now having to pay for it, May must have been quite a nerve-wracking month! For some, no doubt, who didn’t protect their currency, there will have been a heartbreaking decision to pull out of the purchase.
It really doesn’t have to be this way. I cannot say it enough times. As soon as you know you are going to buy – whether when putting down a deposit or earlier – lock in that exchange rate with a Forward Contract. It won’t cost any more, but will offer complete peace of mind and ensure that your purchase goes ahead at the price you agreed.
Please do call your trader on 020 7898 0541.
