Pound hits four-year high
British buyers well placed for French property bargains as sterling rises against euro
The pound has reached a four-year peak against the euro. With the pound now riding high at €1.28310, the euro is at its lowest level since 2008.
The rise in fortunes of the pound in recent months has been marked, having sunk as low as 1.10 in 2010.
All of this is good news for Britons looking to buy in France. As Ben Davies, of currency specialists First Rate FX, says: “Your pound will go much further. If you were buying a house priced at €225,000, you could expect to pay around �175,000 for your currency. However, if you had been buying that house this time last year, when there was a lower GBP-EUR exchange rate of around 1.07, the cost would have been in the region of �203,000; a considerable difference.”
Davies believes that 1.30 may be a step too far right now and advises people who are thinking of buying that: “The riskiest strategy is to do nothing, in the hope that rates will climb further. That is like playing roulette, and letting the markets decide your budget. Fixing your rate will bring you peace of mind and no nasty surprises when you are having to pay for your house in three months time.”
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