'Bargains available' for foreign property buyers

Over 50s looking for a retirement property in a sunny locale have been advised that bargains are available for those with sufficient resources.

According to a report by exchange specialist Currency Index, properties across Europe and the US are becoming more affordable, with an average two-bedroom apartment in the Spanish Costas now 30 per cent cheaper than a year ago.

As a result, there has been an upturn in British buyers looking for a holiday or retirement home, with Currencies Direct reporting a 20 per cent increase in exchanges of sums exceeding 200,000 into euros.

Mark O'Sullivan, director of trading at Currencies Direct, said that despite the current high cost of mortgages, Brits with sufficient savings or retirement funds can still make cash purchases to take advantage of cheap foreign house prices.

He said: "There are so many bargains to be had. You can literally drive whatever bargain you like and you will find a distressed seller somewhere."

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