Wave of Baby Boomer Expats Sending Money Back to Britain
In the last year, a huge number of British expats who own property abroad have opted to sell homes in order to send money abroad back to the UK. According to recent statistics, the amount of British expats in Europe who have cashed in and returned to the UK has increased by four times since 2009. Foreign exchange specialist HiFX has seen a 175 percent increase in Euro to Pounds sterling transaction in the past six months.
Why are so many British expats opting to cash in on their homes and send money abroad back to the UK?
The answer lies in the fact that baby boomers who bought properties overseas several decades ago are now finding the need to downsize as they move into their golden years. The houses that were purchased 20 years ago in Spain and France and being sold so that they can send money abroad back home to their families and move into smaller properties.
Many expats are taking advantage of the current weakness of the British pound to turn the equity in their foreign home into buying power back in the UK. Anyone who purchased foreign property before the crash of 2008 and has managed to avoid depreciation will be considerably better off now if they plan to send money abroad due to the current exchange rate.
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