Buying or selling property should not be a problem, despite Brexit uncertainty, an expert has claimed. With this in mind, selling your UK home and moving to a sunnier destination has not lost its charm. Spain and France, for example, are still one of the top choices for Brits, so deciding to buy a home still remains an attractive possibility.
It is not surprising then to see Spain’s property market being revitalised. According to the Financial Times (paywall), Benidorm is going upscale with a new luxury development, as the property market is experiencing another boom. So, if you are considering buying your property abroad, Brexit, as property investors tell us, should not be a defining factor in your decision making.
Brexit has definitely impacted on the British pound and the political landscape. It has affected the whole country’s identity and confidence, from deciding to move to another country to transferring your hard-earned money to an overseas bank.
But uncertainty, has a double effect. For many, it has meant that moving to another country before Brexit was something paramount, especially in terms of securing their rights, while for others, postponing their plans was imperative, in order to have clarity in making solid decisions.
But now there is also another option in the horizon. According to Reuters’ latest poll by economists, there is a chance that Brexit will be cancelled, a chance that is now greater than the possibility of Britain crashing out of the EU without a deal.
Taken 12-17 April, the latest monthly Reuters survey, showed that most economists polled believed that the EU and the UK will settle on a free-trade deal, an opinion they have held since 2016.
BNP Paribas economists said: “Apart from the fact that no-deal Brexit is now less likely, the path ahead is as unclear as ever. A deal (and likely a softer Brexit) still seems more likely than not. But we are sceptical that this will happen any time soon.” In second place was the option of Britain “being a member of the European Economic Area, paying into the EU budget to maintain access to the EU’s single market.”
The third place was the possibility of Brexit being cancelled, while the least likely were the options of leaving without an agreement and trading under World Trade Organization rules.
Buying a home
So, as these possibilities are still open, anything can happen, so the choice of making life-altering decisions such as moving abroad, should not be solely dictated by Brexit and its possible outcome.
When it comes to the UK market, CEO at property investor portal One and Only Pro, Henri Sant Cassia, has said that Brexit will not have an impact on Brits thinking of buying a home as an investment or as a home to live, as many properties are doing very well.
Henri said that buying a home was still a good investment: “What is happening in the country is irrelevant when it comes to house prices. People will always need houses, but before buying a house it is important to know what your investment is going to do.” He added that: “You are never going to get a situation where your investment disappears. It’s quite easy to find very yielding, safe property investments. The problem is the general public don’t know where to look and don’t know how to compare investments or trained to predict price rises and that’s scaring people off.”
So, if you are considering to sell your home and move abroad, take the time to do your research and contact a currency exchange specialist to discuss the best way to move your money and buy your home overseas. The safest bet of all is to buy property by choosing wisely, and understanding the specific country’s housing market and the prospects of the particular area will maximize your investment.
Universal Partners FX can help you with your money transfer needs and navigate the uncertainty of the currency market, providing you with tailored services that can help mitigate volatility. Give them a call to find out how to gain access to the best exchange rates and get the most out of your money transfers.