GOOD NEWS FOR STERLING

Posted on May 9, 2007 · Posted in Lanzarote News

STERLING Pound-Euro Exchange Rate boosts Spanish property affordability British buyers of overseas property are enjoying the most favourable sterling-euro exchange rates in over a year and a half. So boosting the affordability of property in the Canary Islands as well as elsewhere in the Eurozone. The Euro began its current rise against the pound in late autumn – hitting heights against the pound which have not been recorded since 2005. This movement has been created by a number of factors, such as a drop in the UK retail sales figures in October 2006, on-going inflationary pressures and subsequentl fears of a further interest rate rise by the Bank of England. At the time of going to press the Euro was trading as high as 1.50 against the Pound. Representing a saving of up to 8,000 pounds on a €250,000 property versus this time last year.