Uncertainty over Brexit plus currency fluctuations, have been blamed for the increased cost of buying a property in Europe.

Overseas property and finance specialist Simon Conn has seen an influx of enquiries from clients who were previously paying cash, or required a smaller mortgage, now having to either borrow more or take out a loan where one was not previously required.

Conn added: “I receive a lot of enquiries from people who need a mortgage as they are of working age and hoping to emigrate, retire abroad or buy a second home overseas. But the problem some clients are now faced with is that they have to pay more money for their overseas purchase. This is due to a combination of factors. The continued uncertainty over Brexit does not help, but also the way that currency is fluctuating is pushing up the amount they need to pay for a property.”

Meyrick Green at Moneycorp said: “Since the start of May this year, the GBP/EUR exchange rate has fallen from a high of 1.1776 to a low of 1.0730 on August 9. For a client buying a property in the south of Spain for €150,000, the drop in the exchange rate represents an additional cost of £12,417. We can expect to see further volatility as Brexit unfolds.”