Brits are selling overseas properties and repatriating funds

Baydonhill, the FX, overseas property and mortgage specialist, has highlighted a recent trend which indicates that British consumers are selling their overseas properties and bringing the capital back to the UK.

Despite many Brits buying abroad in recent years, with the UK economy struggling, and the Euro growing in strength against the pound, Baydonhill has highlighted the fact that the number of people selling their overseas property to ‘repatriate’ funds has risen.

Bruce Borrie, Head of FX Desk, Baydonhill said: “Many Brits have bought properties in France, Spain, Portugal and Italy over the past few years – often releasing equity from their UK residences to do so. The pound has been very strong against the Euro until recently, so Brits have been able to use their buying muscle to purchase property overseas.

“However, with the credit crunch biting and the Euro appreciating around 19% against the pound from its trough, selling abroad and exchanging the Euros for pounds is become a good way to make extra cash on the sale of your property. By using a foreign exchange specialist, you can fix your exchange rates at the outset to take full advantage of the currency fluctuations.

“Repatriation is becoming a discernible trend. Brits are selling up abroad and cashing in on the strong Euro. ”

For more information, visit baydonhill.com