People should take note of exchange rates when buying abroad, it has been claimed.
People looking for
foreign currency mortgages have been advised by one property journalist that exchange rate fluctuations can not be overlooked when buying abroad.
Marc Da-Silva, editor of Homesoverseas.co.uk, Whathouse.co.uk and Tailored Home, said that paying attention to the impact of currency fluctuations is "fundamental" when seeking
sources of finance to buy property overseas.
This is particularly pertinent at the moment, he added, following the sterling's marked decline against a number of world currencies.
"As a consequence, the number of people overall buying property overseas has fallen and it has fallen drastically," added Mr Da-Silva.
"It won't pick up until the pound improves, which probably won't be for quite some time."
The latest Primelocation International Search Index revealed that searches for international property increased by 134 per cent in between January 2009 and 2010, with Spain, France and the US emerging as the most popular destinations.
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