Holiday home horror

The idea of buying a place abroad and settling down to a more relaxed way of life, away from the cares of austerity Britain, is a nice one. But according to a survey by currency specialists HiFX, 39 percent of Brits with second homes abroad are finding that they are causing increased financial anxiety.

The study found that 61 percent of holiday home owners surveyed said they made a loss last year on their properties last year and that as a result 44 percent want to sell up.

Mark Bodega, director at HiFX said: 'For many, a home abroad used to be seen as a place to escape to, somewhere to relax away from their everyday lives. However over the last year currency volatility, rising costs and falling rental income has caused significant anxiety to holiday homeowners, turning the joy of owning a place in the sun into a financial nightmare.'

However, it might not be so bad. If you're being forced to cut the price you want to sell your holiday home at, the weak pound might mean that it won't be so bad for you. A year ago, if you sold a Spanish property for €200,000 you would have received £162,000. Today, to receive the same amount in sterling, the property would be sold at €168,000.

United Kingdom - Excite Network Copyright ©1995 - 2021