Since the EU referendum, the pound has lost roughly one-sixth of its value against all other major currencies. Currently, sterling is one of the worst performing currencies in the world this year.
Some holidaymakers at UK airports have already been offered less than €1 to the pound as sterling’s value continues to plummet. Unfortunately, the drop in the exchange rate means that prices abroad have risen by substantially. The result of the drop in the pound means that everything, from the cost of a flight to that last beer at the airport, could increase. This will have a huge effect on the bank balances of anyone wishing to travel abroad. Analysts’ forecasts see the pound slipping lower towards the end of the year as more concrete Brexit plans are negotiated.
How is this going to affect Timeshare owners current expenditures within their Timeshare Budget?
With the lower exchange rate comes extra pressure on timeshare owners who may already be struggling with raising maintenance fees. Now with the lower exchange rate, maintenance fees, which are often calculated in Euros, are set to rise considerably.
With Brexit plans moving slowly and a great deal of uncertainty, the pound shows little sign of recovering anytime soon. This means maintenance fees and the cost of travel are all going to go up and could stay up.
We are now seeing an increase in clients looking for help with their timeshare post-Brexit. If you have concerns about the effect of the fall in sterling on your timeshare and you would like advice about your options, we are here to help.