Brits taking advantage of strengthening pound

26 June 2009

British demand for property overseas is on the rise once more, as a growing number of Britons seek to take advantage of the fact that sterling is now making gains on the euro, reports FC Exchange.

The currency broker’s analysis illustrates a reverse in trend.

Senior currency broker, Daniel Wray, says that until recently, more Brits were selling their homes in the eurozone, in order to repatriate proceeds back to the UK, and consequently take advantage of the euro’s strong value against the UK pound.

The currency broker reports that since January 2009, the volume of clients repatriating their funds back to the UK after selling their property abroad ascended by a staggering 60% on the previous six months.

This is unsurprising given that at one stage this year, the UK pound hit virtual parity against the euro. This meant that those British expats who were fortunate enough to sell their eurozone-based home, amid difficult market conditions, were able to do so for less than they had initially paid, and still make a profit, due to the favourable exchange rate.

However, the UK pound’s value against major currencies such as the euro, has now improved, and looks set to strengthen further throughout the course of 2009, which bodes well for Brits currently thinking of buying a home abroad.

Sterling is now trading at €1.16 against the euro, having dropped slightly from highs of €1.18 earlier this month.

See Also:   Currency exchange, Marc Da-Silva