Wednesday, Apr 23, 2008
The financial turmoil coupled with the strong euro has convinced many families to pull money out of their property overseas
times: Credit crunch hits homes in the sun
The financial turmoil coupled with the strong euro has convinced many families to pull money out of their property overseas
Homeowners are “repatriating” millions of pounds of equity from their second properties in Europe to take advantage of the strong euro, the government’s recent capital-gains tax (CGT) changes, and to protect themselves from the global credit crunch. The soaring euro is also making life difficult for prospective buyers. Foreign Currency Exchange, a broker, said 10 clients a day are backing out on overseas purchases, often because they are being forced to find a bigger deposit due to the weak pound. In the past eight months alone, a €200,000 property has become £27,690 more expensive, according to foreign-exchange firm HiFX.
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
No comments have been submitted.
Be the first person to add your comment by completing the form below.