17th July 2015
Britons buying property in the eurozone are £50,000 better off as sterling hits an eight year high against the euro.
The pound rallied to a high of €1.439 against the euro this morning and recovered strong against the dollar, hitting $1.563 after dropping sharply at the start of the month.
The rally against the euro is good news for those buying property abroad, according to Nicholas Leach, partner at Athena Advisors.
‘The plights of the eurozone are paying into the hands of British property investors,’ he said. ‘These are the best rates we’ve seen for almost eight years, since the start of November 2007. On a €500,000 property, British buyers have become more than £51,000 better off, a saving of over 10% in just 12 months.’
He added that the ‘perfect market conditions’ of a strong pound and low interest rates in France are becoming ‘a heady mix for British investors’.
‘Prices are soft and buyers can negotiate hard, except on new builds in prime areas as these remain in huge demand,’ he said.
‘We’ve become accustomed to good rates over the last six months, but conditions like this won’t last forever so it seems Brits are buying now while the timing is right.’