Pounds hits eight year high on euro15 June
Ignoring recent UK unemployment data, the pound rallied to a high of €1.439 this morning on the Euro. The pound also staged a strong recovery on the dollar hitting above $1.563 after dropping sharply at the start of this month.
“The plights of the Eurozone are playing into the hands of British property investors,” comments Nicholas Leach, Partner at Athena Advisors. “These are the best rates we've seen for almost eight years, since the start of November 2007. On a €500,000 property British buyers have become more than £51,000 better off, a saving of over 10% in just 12 months."
“The perfect market conditions of a strong pound and low interest rates in France are becoming a heady mix for British investors," continued Leach. "Prices are soft and buyers can negotiate hard, except on new-builds in prime areas as these remain in huge demand.
“We've become accustomed to good rates over the last 6 months, but conditions like this won't last forever so it seems Brits are buying now while the timing is right.”
Tourism industries across Europe will welcome this news just as we hit the prime six weeks of summer holidays and British tourists flock abroad to their favourite destinations. Some bureaux de change are offering €1.40 to the pound, which is certainly a good start to the summer.