[size=55:3lkspx5k]OPP 06 October 2010

1m British overseas property owners struggling to keep property


Over one million British overseas property owners are suffering difficulties maintaining their property, according to new data released this week by HiFX.

The currency specialists found that, due to rising prices and fluctuating exchange rates, 85% of overseas property owner’s costs of managing their property have increased and 21% stated that they were “struggling.”
“The effect of the sterling’s depreciation is severe – many homeowners now have to transfer more money than budgeted to cover maintenance costs and mortgage payments for their overseas homes,” said Mark Bodega, Director at HiFX.

Are we surprised at this No! although I do feel for the owners who are struggling its a case of hanging on till the storm passes

Admin wrote:

[size=55:1v71aymn]OPP 06 October 2010

1m British overseas property owners struggling to keep property


Over one million British overseas property owners are suffering difficulties maintaining their property, according to new data released this week by HiFX.

The currency specialists found that, due to rising prices and fluctuating exchange rates, 85% of overseas property owner’s costs of managing their property have increased and 21% stated that they were “struggling.”
“The effect of the sterling’s depreciation is severe – many homeowners now have to transfer more money than budgeted to cover maintenance costs and mortgage payments for their overseas homes,” said Mark Bodega, Director at HiFX.

They can try to rent the apartments for a month or two and to cover the expenses.
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I think you would have to rent it out for a lot longer than a month or 2 the upkeep of property is going up all the time and you would probably need to rent it out most of the year and then at great risk