Falling pound casts a long shadow over homes in sun

THE falling pound has postponed many Britons’ dreams of owning a home in the sun.

The amount they spent on continental property fell by more than a half as they waited for better exchange rates, said currency dealers.

Figures from international payments firm Fexco Corporate Payments show Britons spent 52 per cent less in sterling terms on Eurozone property in the first three months of 2017 against the same period last year. There was a huge fall in the number of property purchases, and most funds still being sent to the Eurozone were destined for ongoing commitments such as mortgage payments, maintenance and management fees.

The low point was in January, when transaction values were just 22 per cent of their January 2016 level. But the picture improved substantially in March.