LONDON, October 26, 2011 /PRNewswire/ --
The foreign Currency Exchange Experts Note Lack of Market Confidence has Contributed to Spanish Property Lull
A survey conducted by Savills Research into UK second homes abroad has found that France continues to be the UK's most popular location for a second home, riding out any disturbance caused by the recession.
Currencies Direct, financial experts for trusted currency exchange specialising in transfers for property purchase and business in Europe, notes that this is positive news for the future.
A sustained exchange between UK and Eurozone holiday destinations could have a positive impact on the current dilemmas facing the stability of the Euro.
Savills research survey painted an intriguing picture of the current holiday property market.
France, whilst seeing a slight decrease in overall sales, performed well according to 2009-2011 data, with a slight increase in the percentage of overall UK homeowners taking property there.
Still the world's most popular holiday destination, pre-recession figures showed that 26% of UK holiday home owners chose to buy in France; 2009-2011 data found this percentage increasing to 28%.
The story was not so fortunate for Spain, which has suffered somewhat from negative press and a higher instance of new developments and investor buyers rather than 'lifestyle' buyers.
The Savills analysis suggested that countries which has long traditions of tourism from the UK, and high-end or sought after locations such as the French Riviera and Spanish islands like Mallorca, maintained the most frequently sought after and lucrative. The amount of international payments made to these countries for property investment purposes is staggering.
And the price we pay for a second home has also marginally increased, with nearly 5% of UK holiday properties costing over £750,000 - the highest percentage in a decade.
What does this mean for currency exchange from the UK? Reviewing the survey, a spokesperson from Currencies Direct said: "Those purchasing homes abroad often spend more and more time there and thus require access to funds from the UK to pay for living expenses. A specialist provider that doesn't charge for transfers and offers competitive exchange rates can save second homeowners thousands of pounds."
About Currencies Direct
Currencies Direct (http://www.currenciesdirect.com) is one of Europe's leading non-bank providers of foreign exchange payment services. Since its formation in 1996 Currencies Direct has evolved and positioned from being an innovative service provider of foreign exchange for consumers and high net worth individuals into a dynamic and pioneering 'business to business' fully integrated treasury solution service provider. Head quartered in the City of London (United Kingdom) with operations in Europe, Africa, Asia and the United States, Currencies Direct is part of the Azibo Group, a privately owned investment company (http://www.azibogroup.com)
Currencies Direct can typically save clients up to three per cent of the overall amount of money being transferred compared to mainstream banks. And, unlike most other exchanges, it does not charge a commission and waives its transaction fee on deals above £5,000.
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SOURCE Currencies Direct