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Currency joy for Florida property buyers - 16 April 2009
News that Sterling has recovered in the currency markets against the US Dollar will have brought cheer to those looking to take advantage of the decline in property values across the Atlantic, and could eventually prompt the first stages of a recovery in property prices.
Currency specialist FC Exchange has been tracking the progress of Sterling in its recent recovery, and has seen it hit its highest point against the US Dollar in three months. After hitting $1.50 earlier in the week, Sterling has also recovered some ground against the Euro, reaching a six-week high of €1.13 compared to the all-time lows of December 2008 when Pound/Euro parity was almost reached.
This is the first really positive news on the money markets in the UK for three months, and means that buyers who are looking to purchase property in Florida at knockdown prices are now in a much better position to do so. FC Exchange estimates that anyone buying a £350,000 property in the US will now save around £50,000 compared to three months ago in currency exchange rates alone.
This relief in the currency markets will allow many more British buyers to take advantage of the raft of opportunities that are available in Florida and elsewhere in the US. The drop in prices for new properties and the record number of foreclosed properties on the market coincided with the drop in the value of Sterling, leaving some buyers in a state of knowing that there were bargains to be found, but feeling that they had to wait for the currency rates to improve.
Now this has happened, it may be that an influx of people looking to buy property in Florida will start to get the property market moving once again, and could eventually see prices begin to recover. That said, any recovery is still some way off.
It is not just individuals who benefit from the recovery of the exchange rates for Sterling – any UK business importing £10,000 worth of goods will now get just over £1,000 more for their money than in December 2008 when the Sterling/Euro rate was at an all-time low.
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