Overseas investments to be 'scaled back'

UK-based property investors are likely to scale back their activities in the coming months due to the weak value of the pound, one expert has forecast.

According to Adam Samuel, director of Nubricks.com, purchases of foreign property are likely to become "few and far between" in the current market as the falling rate of sterling is making buying property abroad less financially viable.

"UK investors at the moment are struggling to find anything that stacks up that isn't in sterling," he explained, noting that the property markets in Morocco, Dubai and the euro zone are "not looking as attractive" with the current exchange rates.

However, Mr Samuel noted that there is a greater chance of Irish investors continuing to operate in the market, as they have the advantage of dealing in euros.

The news follows a recent report by Foreign Currency Direct, which found that Britons are 47 per cent less likely to see overseas property as a viable investment than they were 12 months previously.

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