Buoyant search for overseas property unaffected by election

Thousands of property hunters may miss out on an overseas bargain by waiting while the new Government beds in, warn experts at the National Association of Estate Agents International.

Traditionally, the period around an election creates a pause in interest in investments or forward planning - as people want to know what kind of government they're going to deal with. This has not been the case on this occasion.

Peter Bolton King, chief executive of NAEA International said: "Those buyers looking for a less risky investment were holding out for the pound to strengthen and the market to stabilise before taking the leap.

"But waiting until the Government gets its feet under the table will not necessarily guarantee a better price on a property, or an improved exchange rate. The pound has steadily increased against the Euro for most of 2010.

"The market is in a better position than it was six months ago and we've been seeing significant price cuts due to the "bottoming out" of the market. As a result buyers are finding that their money goes a lot further than before.

"If you can buy now and get into a good negotiation immediately then you're in a strong position to get a real bargain. Waiting is risky, as the market is improving and prices are likely to begin increasing in the third quarter of the year."

Stephen Hughes, Director of Foreign Currency Direct said: "Sterling has benefitted tremendously against the Euro during the last couple of weeks as a result of the EU and IMF having to decide the best way to bail out debt stricken Greece.

"The animosity both in Greece itself and across the Eurozone has led to opportunities to buy Euros at around E1.17, a 10 month high. The EU IMF deal has stabilised the rate at a more competitive level than at any point in 2010.

"With the UK entering a brand new political and economic period uncertainty will be rife and the prospect of the Euro gaining back much of this lost ground high. Remember, often much more is lost by indecision than by a poor one."