Pound-dollar ratio smiles on overseas property purchase

25 April 2007
As sterling becomes stronger against the dollar than at any time since September 1992, there has never been a better time for UK house purchase overseas, according to currency specialists HiFX.

Acting immediately to buy a home in the USA or in countries where dollars are dominant including Malaysia, China, the Caribbean and Belize, will give customers a better deal than they could ordinarily expect.

But would-be buyers should set the process in train with due speed, HiFX marketing director Mark Bodega claimed.

The best way to take advantage of current rates was to lock them into a 'forward contract' whereby customers buy the currency now, putting down a deposit and repaying for the rest of the money later, he suggested.

Once the contract to purchase the currency is agreed, the exchange rate between the pound and the dollar currently standing will be fixed.

"It's worth remembering that the last time the pound traded consistently above $2 was in 1975," Mr Bodega urged.

But those inclined to make a smaller commitment to investing in the US, meanwhile, are being advised to consider making a shopping trip – since clothes and other consumer goods have never been cheaper for travellers just off a flight from British shores.

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