Sterling tumbles

Country:  UK

13 November 2008

The sterling plummeted to a new low against the euro currency yesterday, hitting an all time low of 1.1890. It also fell to its lowest level for six years against the US dollar.

Sterling sunk on the gloomy financial outlook and stood at just €1.19 and $1.48 moment ago, which is terrible news for Brits seeking to buy property in the eurozone, the USA, or any country that has a currency pegged to the US dollar, as it has significantly increased the cost of buying home.

The fall in the UK pound is good news however for Brits currently selling a home in euros or dollars with the intention of repatriating funds back into the UK.