The impact of exchange rates when selling a property in Europe (Tom Holian)

If you’re in the process of selling a property abroad the chances are that you’re doing research about how to save money when selling Euros to buy Pounds.

We have seen the Pound come under a lot of pressure since June 2016 when the UK voted with a majority to leave the European Union and although the Pound has been improving recently the gains could be very short lived.

The next EU summit is due to take place next Thursday and Friday and up for discussion will be the Irish border issue as well as trying to kick start the trade negotiations.

At the moment the Irish border issue is clearly far from being sorted and I think unless this gets resolved by next week the Pound could face some real problems next week as the trade talks could stall making the whole meeting almost rather pointless.

The UK announces both Industrial and Manufacturing data in the morning so this could cause some short term movements tomorrow and as we go into the afternoon the latest NIESR GDP data is announced for the last three months.

Although these are not the official figures they are usually very accurate and therefore could be an indicator as to which way GBPEUR exchange rates will move towards the end of the week.

Many of my clients who are buying or selling a house in Europe have been buying forward contracts recently in order to avoid the uncertainty as to where exchange rates could be by the time completion comes around.

This involves paying a small deposit with the balance to be paid at a later stage to guarantee an exchange rate.

If you need to make a currency transfer over the next few days or weeks and would like further information or a free quote when buying or selling currency then feel free to get in touch.

Having worked in the foreign exchange industry since 2003 I am confident of not only being able to offer you bank beating exchange rates but also help you with the timing of your currency transfer.

To find out more contact me directly Tom Holian teh@currencies.co.uk

For more news on foreign exchange rates and to request a free no-obligation quote visit www.currencies.co.uk