By Grace Smyth
This past week we have had various reports shared regarding the lifting of travel bans for Brits who either own second homes overseas or those who are looking to purchase property overseas. So it looks like many who want to buy a holiday home in the sun can finally get their plans back in motion. The UK government announced that as part of its new Covid regulations, ‘new reasonable excuses’ for travel are set to include visiting an estate agent/property developer, so people in the UK will be allowed to travel abroad to rent, purchase, let out or sell a second home. Of our readers who are interested in overseas property, keep an eye on these kinds of headlines as the opportunity to travel might be around the corner. That being said holidays and vacations are still not permitted by the government and anyone who is found to be breaking this rule can face a fine of up to £5000.
Many of our readers already own second homes overseas, particularly in Spain. Reports were also shared stating the Spanish government has announced it will be lifting entry restrictions for arrivals from the UK but it is not clear yet on the date. Many Brits have been forced to leave their Spanish homes unattended for months so this news I’m sure will come as a relief.
It has been one year since the UK entered its first lockdown and we saw sterling drop dramatically against the Euro and Dollar. Since then we have slowly watched exchange rates gain back those loses. The UK has successfully begun a vaccine roll out which has provided the pound some much need relief in recent weeks and although we saw a dip earlier in the week, rates have appeared to improve over the second half with GBP-EUR back at the higher end of its recent trading range – providing some of the best exchange rates seen in a year.
We are still not out of the woods yet though, anything could happen and although our government has provided a roadmap out of the current lockdown, if the past year has taught us anything, there is always a chance of trouble lurking around the corner which could easily stop our current high.
If you do have Sterling in hand and are looking to buy euros or dollars, then get in touch with our friendly team to discuss the various options we provide to help you lock in your currency requirements, and if you are more inclined to hedge your bets on the rates, let us know! Our limit order option might just be the thing you need!