Wednesday, April 23, 2008

The financial turmoil coupled with the strong euro has convinced many families to pull money out of their property overseas

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.

Posted by chris @ 09:43 PM (516 views)
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