BREXIT fears are turning Britons in the market for holiday homes away from Europe in favour of the US, according to currency dealer Moneycorp.
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Chief executive Mark Horgan said that the number of clients that were sending funds to Europe to purchase property had fallen by 20 per cent in November, while those buying homes in the US had increased by 30 per cent.
He said that people were turning away from the European real estate market because of uncertainty over property and residency rights, as well as a 12 per cent decline in the value of the pound against the euro.
The increase in US home purchases by Britons comes despite an even bigger collapse of sterling against the US dollar.
On Friday, the pound rounded off a volatile week by closing at $1.2372.
Horgan warned that sterling could fall further, once the Government begins Brexit talks.
He said: “Has the market priced in Article 50? I don’t think so, because when Theresa May speaks it moves the market.
