Britons are Spending Less on European Property
Since the vote on Brexit last year there has been many discussions on how the economy in future will react. After all the world is still recovering from the 2008 collapse. But there seems to be some indication into how Britons have reacted when it comes to spending on European property.
According to Business Insider, since the Brexit vote last year Britons are spending less on European property. There have been two main concerns which have affected the British interest; Value of the Pound and fears about citizenship when UK leave EU.
Since the Brexit vote, it has been notable that the value of the pound has significantly dropped across all currencies. More notable is that an analysis by Fexco found new property purchases have shrunk, with the majority of funds being destined for ongoing commitments. These commitments are mainly mortgage repayments and maintenance such as community fees and other management fees.
Drop in British appetite for Eurozone investment
The weak Pound has caused a reduction in over 50% of British investment in property, but lingering fears about whether UK citizens could face restrictions are also dampening potential prospects. Head of dealing at Fexco says ‘No one wants to buy an overseas property only to discover they could get it cheaper, Sterling is currently 10% down on its pre-referendum level against the Euro than it was on the eve of the Brexit vote’. However, If Britons waited who knows where the Sterling will be this time next year. Many could still be unable to afford mortgages on
However, If Britons waited who knows where the Sterling will be this time next year. Many could still be unable to afford new mortgages, and those who currently have mortgages could struggle more. Those who currently have mortgages on many properties across Euro, especially Spain, have seen Interest rates fall but a majority of those have been Interest Only Mortgages and with those of pre 2008 coming to an end, there is a real sense of worry amongst investors.
Answers for those Stuck In the Sun
With the uncertainty and worry over property investments in Europe, there are solutions for those who are struggling. Over the past few years, we have seen many many clients come forth in need of help with their property investment.
typically many of those who are in mortgage arrears and facing repossession are also faced with the fact their investment is in negative equity, meaning they still have a large proportion of debt to pay back after the property is gone. We at EU Property Solutions specialise in these cases.
We assist those who cannot afford their community fees, mortgage repayments and are having their debt chased back at home in the UK and Ireland. Typically below are the types of people we help:
Typically the people we help are:
There are options available for all of those suffering at the hands of their foreign property. If the implications of Brexit has you concerned and you are worried about the debt on your property abroad, then do not hesitate to contact us. Our expert staff have dealt with every situation imaginable and are there to help you.