This is where the U.K falls deep into recession which we have certainly seen of late, we then see a few signs of improvement which brings a bit of confidence back in to the U.K and indeed the Pound and then before long it is realised that this is deeper and will last longer than first thought so confidence shoots back down alongside the strength of Sterling.
Although we have seen some so called “green shoots” appearing recently with a few releases it appears we are still a very long way away from getting out of the well publicised problems and that the Pound may well have to suffer again before it really gets better.
House prices seem to have started to push up which gave us a minor bit of strength on Monday morning, however I personally believe that the only reason they have shifted up is due to the lack of property in the market bringing more and more ‘dutch auctions’ into place as people bid a little bit more to get the property that they want, once people start to place property on the market again and there is more choice for the buyers out there then there is every chance that prices may well start to be pushed down again.
The organisation of Economic Cooperation and Development have recently said that the U.K was still deep in recession and faced a “bleak short term outlook”
Looking at what happened at the value of Sterling late last year and in the early part of this year with the recession being front page news it may be prudent to consider your options should you have an upcoming transfer to make which include a forward contract – this is where you can book out a rate for anything up to two years in advance for just a small deposit.
This is a brief summary of todays report. Click here to read the full report on our main website
If you are buying a property abroad, and want the best exchange rates, just click on the links below to go straight to our main site, or Email Me
Have a great day and thanks for reading!
Daniel Wright
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