Currency exchange rates have led to four-fifths of overseas property owners witnessing an increase in maintenance costs for their home over the past year. Research from HiFX revealed that 21 per cent of these people are now struggling to meet the increased costs.

An average overseas home owner in France and Spain transferred £10,000 a year to meet maintenance costs two years ago, the study found. However, today, households need to move £11,896 to meet the same costs due to the weak pound.

To combat these rising costs, Mark Bodega, director at HiFX suggested: "People making regular currency transfers should set up a Regular Payment Abroad plan with a currency broker that allows you to lock into an exchange rate for up to 12 months ahead so you know know exactly how much is being transferred every month." He added that this plan can also save "forking out on commission and transfer fees" as banks "typically charge up to £30 as a transfer fee on each and every transaction".