Exchange rates 'can alter property price'

Britons buying property overseas can be hit by sudden fluctuations in the exchange rate, it has been observed.

Editor of A Place in the Sun Magazine Richard Way stated that this is the case because of the need to change sterling into a foreign currency, noting that "in the time between agreeing a price and transferring funds abroad, the exchange rate can change".

This can effectively raise a price if the alteration in value is unfavourable, he added.

Mr Way pinpointed Turkey as one of the countries likely to be popular with Britons in the coming months.

Unlike other favoured destinations such as France or Italy, the country does not use the euro and buyers may find prices here are more favourable because of the comparatively cheap exchange rate.

Property portal Homesgofast.com placed Turkey in its list of the top five countries for property investment in 2010, with France being the only eurozone country in this group.