Homesgofast.com have warned overseas property buyers that Exchange rates are volatile following the UK Bank of England minutes, budget & dire retail sales figures from the UK.
ââ¬ÅSmall fluctuations in exchange rates can make purchasing a property abroad more expensive by thousands of poundsââ¬Â States Nick Marr director of the international real estate portal.
More uncertainty in the FX markets arose with the resignation of the Portuguese Prime Minister following the failure of the passing of the austerity measures has damaged the Euro. The result is that the Sterling has lost out to the both the Dollar and the Euro ââ¬â but being injured itself, the Euro is also losing ground to other currencies such as the Dollar. Whether the Euro can recover may depend on how strung out events in Portugal are and whether the problems of other Euro zone nations similarly resurface.
The Pound has lost out to the Dollar with a poor set of retail figures adding to the damage done to Sterling by the Bank of England minutes. This morning’s retail figures showed a fall by 0.8 percent in the month of February. There had previously been some growth overnight against the Euro but this can be attributed to problems in Europe with Sterling dropping again today.
The best way to make large money transfers if you are buying a property aboard.
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