Sterling has taken a real battering in recent months, most notably against the US dollar and the euro, making properties in the countries that use those currencies much less affordable than they were six months ago.
However, a careful study of foreign exchange tables reveals that the fall in the value of the pound hasn't been universal. Comparing rates on 20 July 2008 - when a pound was still worth $2, give or take a gnat's whisker - and 20 January 2009, there are a number of countries where the pound has actually risen against the local currency.
In Australia, for example, £1 bought 2.055 Australian dollars back then; at the latest count, it bought AU$2.11. The picture with New Zealand dollars is similar; up from NZ$2.620 to NZ$2.639. Closer to home (though the thought of emigrating Down Under will be a powerful temptation for some right now), in Eastern Europe, the pound has risen in value against the Czech koruny, Hungary's forint, the Polish zloty and Romania's new lei. It's also up against Iceland's kronur and the Brazilian real.
What's more, there are a number of other countries where the fall in sterling's value has been quite modest. In Turkey, for example, the pound is down from 2.38 new lira last July to 2.32 in January, a drop of just 2.5%. Julian Walker of agent Spot Blue comments: "Sterling has held its own pretty well against the Turkish currency, and prices in Turkey are still very reasonable, with the expectation of price rises as the country gets closer to joining the EU."
In most cases, the currencies which have fallen have done so due to a combination of weak economic performance and their very independence; the financial crisis has sparked a flight towards the major currencies in spite of the problems in the US and Euro-zone economies. One caveat to be aware of is that properties marketed to overseas buyers can often be priced in these major currencies outside their main zone of circulation: for example, the US dollar is widely used for pricing real estate across the Caribbean and in parts of South America. The euro plays a similar role in much of Eastern Europe.
If you're looking at buying in any country outside the main currency zones, you should take into account where prices are moving within that local market; and also how the currency in question is likely to fare in the long run. If it falls against sterling once you've bought, that will hit the value of your asset.
Alexander Garrett is a freelance property writer who contributes regularly to The Observer and British Airways' Business Life.