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Expats feel the squeeze

Inflation is creeping up in France, Spain and Italy, and last month saw the first Euro zone rise in inflation since 2008, which in turn has caused a rise in mortgage rates - a big turn off for expats, who are increasingly selling up to return to the UK.

Charles Purdy, a director of foreign exchange specialists Smart Currency Exchange, said to the Telegraph: ‘The credit crunch has really shaken things up, with many who rely on sterling incomes finding that the slump in its value turns the overseas dream into a nightmare.

‘The problem has been illiquid [property] markets with so few potential buyers. For every one that has sold, perhaps 10 expats or overseas property investors are waiting to sell.’

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