British property investors take advantage of improved exchange rate

A currency broker has seen a large increase in the number of British investors purchasing euros for foreign property purchases.

World First has reported a 40 per cent rise in the number of its clients taking advantage of the improved exchange rate, and a 24 per cent rise in new enquiries for the currency.

This could be a boost to the property market in Spain where falling prices and the poor GBP to euro rate have been keeping investors away.

World First's head of private clients Elisabeth Dobson told Overseas Property Professional that: "A number of our clients in the market for euros are taking advantage … and buying their euros for overseas mortgage payments, property purchases etc now."

For the first time since August 2008 sterling has reached a rate of EUR 1.15, something which OPP put down to a run of good news for the UK economy.

Jeremy Cook, World First chief economist, believes the GBP could be up to EUR 1.22 by the end of 2010.

Property Abroad recently revealed that Spain remained the most popular country for British investors in 2009.

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