Helping British sellers - Outstanding Time to Sell Spanish Property

Helping British sellers – Outstanding Time to Sell Spanish Property, as Euro Strong Versus Pound

27.02.2018
Are you a British owner of a property in Spain, planning to sell your property this year? If so,
when you sell your Spanish property and transfer the euros into pounds, in your UK bank
account, you’ll want a top foreign exchange rate. After all, the stronger the euro to pound
exchange rate when you transfer money from your Spanish property sale, the higher the
sterling total you’ll get!

Fantastic time to sell your Spanish property

With this in mind, you’ll be pleased to hear that it’s a fantastic time to sell your Spanish
property, because the euro to pound interbank exchange rate is near multi-year highs. To be
specific, the common currency stands at 0.8837 versus sterling at the time of writing, the
strongest in close to a decade, or since October 9th 2009. So, the euro is remarkably strong
now!

As a result, when you sell your Spanish property, then transfer your euros into pounds, you’ll
get a higher sterling total than close to any time since late 2009! For example, were you to
transfer €250,000 at today’s interbank exchange rate, you’d receive £220,925, compared to
just £211,850 if you’d made the same transfer a year ago. So that’s an increase of +£9,075,
for your UK bank account!

Pound may rise, as BoE’s Ramsden favours lifting interest rates

What’s more, now is a fantastic time to sell your Spanish property, then transfer the euros into
pounds, because the pound could soon rise. This is because, first, Bank of England policymaker
Dave Ramsden told The Sunday Times this weekend that he thinks that UK interest rates will
rise faster and further. In turn, this will make investing in the UK more profitable, thereby
lifting the pound!

Moreover, the euro to pound interbank exchange rate may also weaken soon, because
Eurozone inflation looks set to stay low. In particular, European Central Bank president Mario
Draghi said yesterday that slack in the Eurozone economy could put a lid on price pressures,
for the foreseeable future. As a result, Eurozone interest rates may stay at just 0.0%, thus
weakening the euro!

Sterling could climb, as markets optimistic about Brexit

Lastly, the pound could also strengthen later this year, because financial markets are confident
that the UK and the EU will agree a Brexit transition deal, in the near future. To be specific,
financial markets feel sure that the UK and the EU will agree a deal, that gives UK companies
access to the Single Market, up to at least 2020. This will lift the UK’s economic outlook, and
thus sterling too!

Given all this, if you’re a British owner of a property in Spain, it’s the ideal time to sell your
property. This is because the euro to pound exchange rate stands close to a decade-high at
present, thus lifting your sterling total in your UK bank account. Furthermore, looking ahead,
the pound could rise versus the euro, thus making now the more favourable time to sell your
property in Spain!

By Peter Lavelle at Pure FX
For further information, please call Oliver Godwin who is a currency exchange specialist
working with Pure FX oliver.godwin@purefx.co.uk and 0044 (0)1494 671 800.
Oliver Godwin
Pure FX
Oliver.godwin@purefx.co.uk
0044 (0)1494 671 800

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