Brexit leads to 25% slump in Brits buying homes overseas

Brexit leads to 25% slump in Brits buying homes overseas

Foreign exchange giant Moneycorp says the number of Britons buying homes abroad has slumped 25 per cent since the EU referendum.

In an interview with news agency Reuters, Moneycorp chief executive Mark Horgan says this sales slump has been worsened by a surge in the number of British-owned homes in Europe being put up for sale by people concerned about future rights for British citizens.

On top of all that, some sellers are concerned that the Pound, which has fallen 20 per cent since the June Brexit vote, may fall further, claims Horgan.

With more than 40,000 clients, Moneycorp says it has over 10 per cent of the market in transferring funds for British people buying properties abroad, who now number an estimated 380,000 separate investors.

He told Reuters: "New completions are off by about a quarter year on year. You can understand why that would be the case. You clearly have hesitancy from Brits who are unsure of their status after Brexit. The question is whether those are lost purchases or delayed purchases."

He says private client transfers from Pounds to Euros are down 30 per cent while transfers from Euros back to Pounds are up 80 per cent.

Moneycorp operates the currency sales desks at Gatwick and Stansted airports and Horgan says there are early indications of possible falls in passenger volumes next year.

"We are quite clearly seeing that staycations are likely to be on the rise in 2017," Horgan says.

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