British buyers of overseas property have seen an immediate benefit from the election of the Conservatives to power last week that caused its currency, Pound Sterling, to bounce back against major overseas currencies.
“Homes in the Eurozone and the United States became immediately cheaper for UK buyers during Friday, as the City of London realised the Conservatives would gain power with a majority,” said Elaine Ferguson, Head of the Resource Centre at OverseasGuidesCompany.com.
“Speaking to people at an overseas property exhibition in London last weekend, where we received record levels of enquiries for buying property abroad, many people seemed reassured by the election result and were confident about proceeding with their property purchase – knowing the U.K. economy is in a position to maintain growth.
“The state of the property market affects practically anyone moving abroad and selling their U.K. home, so the continuing stability and ongoing house price growth that the new government should bring will benefit these people.”
Ferguson added: “Spain was attracting the highest number of enquiries from prospective buyers across all popular destinations during Q1 2015, and we saw a general uplift in the international property market compared with last year.
“The exchange rate was also a key topic of conversation at the exhibition, especially given how rates moved on Friday, and showed a growing awareness amongst buyers to send funds overseas in the most efficient way.”
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
