Great news if you plan to buy a luxury property in Italy! The pound recently hit 1.2258 against the euro, its highest since January 10th 2013 or 14 months, making Italian property much more affordable.
For instance, last March 12th sterling was as low as 1.1403 versus the common currency. Therefore, it’s since climbed +7.5% or 8 cents.
To put this into context for you, a £250,000 transfer to Italy to buy a property would hence be worth €6,450 more now than 12 months ago.
Sterling has climbed, because the UK economy is going gangbusters. For instance, car manufacturing in the UK has jumped 50.0% since 2009, while governor of the Bank of England Mark Carney calls the UK “the fastest-growing major economy.”
Meanwhile in the Eurozone, prices have climbed less than 1.0% for the last 4 months, raising fears of Japanese-style deflation, and economic stagnation.
So this has lifted the pound, while the euro finds itself on the back foot, making Italian property more affordable!
By Peter Lavelle at currency broker Pure FX. To get free expert foreign exchange advice about the best time to transfer money to Italy to buy a property, call Pure FX on +44 (0) 1494 671800 or email enquiries@purefx.co.uk.
10.03.2014
