We have seen much hyperbole across all media concerning the decline of the Euro against the Pound in recent weeks. It is undeniable that the Euro has weakened and for ‘Brits’ visiting Eurozone countries their available spending money will go that much further than has recently been the case.
It is all very well if this concerns your ski pass or which bottle of wine you might order with dinner but should this reasoning be extended to property purchases?
We would sound a note of caution to potential purchasers who might think things have become ‘cheaper’.
As we have noted many times, asking prices in the South of France market often bear little relation to the actual value of the property. It is not unusual to find properties on the market at twice their genuine value. It would be an easy mistake to be lulled into a false sense of financial security, simply because the Pound is stronger.
Potential purchasers should always take their time in assessing value in Euros then making a decision rather than using the strengthening Pound to make the case for a purchase. The latter can be the cause of some expensive errors.