Beware of currency fluctuations, investors warned

Article Date : 23 April 2007

Britons who have bought an overseas property and are leaving the UK to live there are being urged to take steps to protect their finances.

In response to statistics from the Office for National Statistics that show over 500 Brits are leaving the country every day, currency specialists HiFX is warning that currency fluctuations could erode a buyer's assets.

According to HiFX, investors should consider securing their currency by locking the rate in a forward contract, which is particularly useful if the property purchase takes two or three months to complete.

Mark Bodega, marketing director for HiFX, said: "The majority of people emigrating from the UK are not millionaires jetting off to a luxury island, but everyday people who are likely to be most affected by banks charging over the odds for currency exchange and losses through currency fluctuation."

He also said that for investors looking to buy a property and move abroad, Australia offers is a world leader when it comes to value for money.

According to latest International Property Rights Index, Australia is in the top ten nations that have the best property protection rules, scoring 8.1 out of ten, just 0.2 behind Norway, which was in first place.

Beware of currency fluctuations, investors warned

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