LONDON — The weak pound caused by the Brexit vote has caused Britons to slash the amount they spend on European property by more than half, according to research from payment card firm Fexco.
The data indicates that Britons spent 52% less in sterling terms on Eurozone property in the first three months of 2017 compared with the same period last year.
The analysis, of more than 500 Eurozone transactions made by UK customers through Fexco’s payment platforms, shows that new property purchases have shrunk, with the majority of funds still being sent to the Eurozone destined for ongoing commitments such as mortgage payments, maintenance or management fees.
The lowest point was in January 2017, when transaction values slipped to 78% their January 2016 level. February transaction levels were 42% lower than those made in February 2016, while March saw some recovery, with transaction values jumping by a quarter on February’s figure.
