Exchange rate 'can affect cost of foreign property'
People who are buying a foreign property have been advised to consider the impact of the exchange rate on their purchase.
The Times newspaper said that during the time it took to make an investment, exchange rates could change "dramatically".
This means that if the pound gets weaker during this period, the cost of a foreign property in sterling would get higher.
Although the reverse would also be true in the case of the pound getting stronger, the publication said that many people were not willing to take this chance.
Speaking to the newspaper, Mark Bodega of HiFX commented: "Fluctuating currency rates can make a huge difference to the final price you pay for your overseas property."
He added that people buying property in the UK would never commit to a purchase if they did not know the final cost, meaning that those investing abroad should not either.
This comes after research commissioned by the Property Investor Show found that overseas investors saved money if they used specialist brokers rather than high street banks when converting currency, as they tended to offer better exchange rates.
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