Pound rockets versus euro, cutting cost of buying Málaga property
Do you have your heart set on buying a gorgeous Málaga property this year? If so, whether you want the keys to a beautiful 5-bedroom, 3-floor house with a terrace in Mollina, or you see yourself living in a quiet, 3-bedroom property with a private swimming pool in Humilladero, you’ll want to transfer your money to Spain at an outstanding exchange rate.
After all, the taller the pound stands versus the euro, the higher the total you’ll receive in your Spanish bank account, to buy your dream Málaga property! Given this, how can you lift your exchange rate? Well, let’s see.
Exchange rate hits 4-month high, making Málaga property more affordable
To start with, the good news if you plan to start a new life in a Málaga property is that it’s a brilliant time to transfer your money to Spain, because the exchange rate has hit a 4-month high. To be specific, just today the UK’s pound sterling has hit 1.1407 against the euro’s common currency, close to its strongest since early June.
With this in mind, when you exchange currencies to buy the Málaga property your heart desires, you’ll receive a significantly higher euro total in your Spanish bank account, thereby cutting your costs! This will get your new vida española off to a great start.
Strong exchange rate lifts your euro total to buy Málaga property
For instance, let’s say that you intend to transfer £100,000 to Spain, to live the high life in your Málaga property. At today’s interbank exchange rate of 1.1407, you’d receive a mighty euro total of €114,070. By contrast, back in late August, sterling was down for the count versus the euro, at just 1.0790.
If you’d transferred your £100,000 to Spain then, you’d have wound up with just €107,900. This is to say, the pound’s +6 cent rise will get you an extra €6,170! That’s a significant boost to your euro total, to make buying your pretty Málaga property more affordable for you.
Pound may rise further, as Bank of England set to hike interest rates
Sterling is reaching for the stars versus the common currency, because the UK economy is fit for purpose. For example, just this week we learnt that UK retail sales expanded at the fastest pace in 2 years in September, says the Confederation of British Industry. In addition, UK consumer confidence hit a 4-month high this month, according to watchdog GfK.
Moreover, the Bank of England has strongly hinted that it intends to lift UK interest rates as soon as November, above their current all-time low of 0.25%. This will further lift the pound, cutting your costs to buy Málaga property!
With all this in mind, as the exchange rate rises, it’s an outstanding time to buy Málaga property. This is because you’ll receive far more euros in your Spanish bank account!
By Peter Lavelle at foreign exchange broker Pure FX https://www.purefx.co.uk
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