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Exchange rates 'make a big difference to those buying abroad'

Favourable exchange rates are enabling more Brits to buy property in Australia and other countries, an expert has suggested.

Favourable exchange rates are encouraging more Brits to look into buying property in Australia and other foreign countries, an expert has claimed.

 

 

Chris Canning, currency analyst at First Rate FX, said that currency fluctuations can make a "big difference" to foreign property buyers.

 

 

He went on to say that investors tend to look for property abroad, wait until the rates are slightly higher "and then they go through with the purchase".

 

 

Ms Canning went on to say that the exchange rate from the pound to the Euro has worsened recently because interest rates in Europe are being raised, but they are "quite stagnant in the UK".

 

 

Currently the exchange rate is £1 to €1.15, but, in Australia, £1 is worth $1.54.

 

 

This could encourage people to look further afield for a new property, perhaps in Australia.

 

 

People may wish to invest in houses in the country now, as Dr Andrew Wilson, senior economist at Australian Property Monitors, recently stated that prices have been "subdued" so far this year, but will pick up over the rest of 2011.

 

 

Posted by Steve Douglas 

- currency, dollar, pound, exchange, UK

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