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Stronger sterling buys more overseas
19/01/2007
Vimal Popat, the head of dealing at leading currency exchange specialist HiFX, said, “Over the last year, the market had become comfortable trading between €1.43–€1.49 therefore a move over the psychological €1.50 area is a great time to buy. Though €1.43 to €1.50 doesn't seem that much of a move, on the monetary value of a €200,000 property is a staggering £6,526!”
Mr Popat emphasised that UK buyers should act soon, while the currency rates were so favourable. “You can never tell what's going to happen in the currency market and the only way to fix the sterling cost of your property and eliminate the risk is securing your rate as soon as possible. Buying on a two-and-a-half year high is certainly a good option.”
Also, in related news, the pound hit a 14-year high against the US dollar last December, and may reach the $2 per £1 level last seen in 1992, spurring further interest in US property.
HIFX
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