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The pound remains strong versus the euro halfway through 2021, with the strongest exchange rate since the start of Covid-19. The economy is starting to open up. This is a reminder of how to do this for you when shopping overseas
Britons who purchase property in Europe have not had it so well for over seven years now — prices in some overseas locations remain low – even if most markets are turning – and since December 2007, the exchange rate has not been so favourable.
Since early 2015, Greece's uncertainties surrounding the Eurozone and the consequences of a 'Grexit' on the euro unit have – fortunately for the British, who purchase and live in Europe - helped to silence the euro. That makes the pound a 10% value increase from the single currency, which goes from about £1/€ 1.16 to £ 1/€1.17, between the beginning of January and the end of June. Rebound a year and UK purchasers profit even more - the rate was £1/€1,253 fiver (5) years ago.
'In reality, the improved exchange rate implies that now, as a result of assuming that euro pricing hasn't changed, you need fewer pounds to buy the same external property as you did six months ago, or longer,' says Charles Purdy, CEO of Smart Currency Exchange. "So, in Spain in early July, a €150,000 home was cheaper than it was at the beginning of January for a UK purchaser, due only to the currency rate swing.
But, of course, as soon as the story settles, the euro can scratch back some value — something which should be borne in mind by prospective property purchases."
To make the most favourable exchange rates, purchasers abroad are recommended to utilise a currency expert like Smart Currency Exchange while exchanging money and transferring money from the UK and abroad.
Not only will you obtain superior exchange rates and service, but Smart Currency Exchange can also fix your subsequent transfer exchange rates utilising a forward-looking contract. In this manner, you can set the price in pounds of your foreign property purchases to ensure the cost of a future transfer and know that it will not alter before the day of finishing.
Essex couple Paul and Tracey Herbert are typically customers of the Smart Currency Exchange and have calm and good rates when they have transferred euros to Spain to acquire the Costa Blanca property.
"At the end of December 2020, we discovered and reserved our property," Tracey remarked, who is in her forties, like Paul. 'We created a Smart Currency Exchange account during the first week of January, which will shortly be completed at the end of March with our exchange rate secure. We transferred to Spain a total of €105,440.
HomeEspaña, a property agency of Costa Blanco, has purchased their Spanish house from the Herberts who live in Hornchurch with five adult children between them, paying €87,000, plus taxes. The property is located in Flamenca beach and consists of three bedrooms, two bathrooms, two balconies, a front patio, and a little courtyard. For the next eight years, the pair will use it as a vacation house, going three or four times a year and retiring.
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