This means you can get more pounds for your euros or US dollars than you would have before the decision to Brexit, or that you need fewer to get the same amount of pounds.
If you sold your property for €150,000 before the referendum, you could have converted the profits into around £113,850; today that same sum would be worth £126,030 – that’s an additional £12,180.
A US property sold for $ 150,000 before the UK’s vote for Brexit would have netted £100,635, but would now convert into £115,875; an additional £15,240.
For those simply looking to release equity from their properties and repatriate it back to the UK, the current weakness of sterling is advantageous – you have made a profit on the original value of the property before any increase in its intrinsic value is even factored in.
As you can see, this also benefits you if you are looking to sell your property quickly, because even getting the same as you paid for it originally will see you more sterling back than it cost you first time around – although you would have to factor in estate agent’s commission and other such fees and taxes related to selling a property.
There can be fees attached to transferring money overseas as well, but these can be avoided if you choose a currency broker that operates on a fee-free basis. Currency brokers also tend to be able to transfer your money at a better exchange rate than most banks.
Even a seemingly tiny difference in exchange rates adds up when hundreds of thousands of euros or US dollars are involved, this discrepancy could give you enough extra pounds to recoup the cut taken from your profits by taxes or property sale fees.
People often talk about the weak pound as being ‘bad’, but the impact of its current weakness really depends upon your perspective and what you need to achieve.
Those buying a foreign property now will find they have to shell out more than before in order to secure their dream holiday home, but those selling up and bringing the cash back to the UK will be quids in – literally.