Average US property prices rose by more than 7 per cent in the year to February, new figures show.
The latest National Association of Realtors data shows that US property prices rose by 7.7 per cent in this period, bringing the median average price of a home in the States to US$228,400.
February’s annual price increase was the fastest recorded since January 2016 (8.1 per cent) and marks the 60th consecutive month of year-over-year gains.
While the recovery in the US property market continues to be good news for the country’s economy, the rise in US property prices is not so good for anyone hoping to emigrate there and buy a property in the near future.
One way to counter the rising US property prices is by getting the best possible deal on your currency deal – no easy task given the uncertainty that has surrounded the Pound since last year’s Brexit vote and the election of President Trump.
When exchanging large lump sums for emigration purposes, only a small change in the market can have a significant impact on the amount of money you could be potentially starting your new life with. And, as has been well documented, Brexit has caused some larger than normal moves in the market.
Just prior to Brexit £1 would have purchased you US$1.474. However, within days of the Brexit outcome this rate plummeted to £1=US$1.296. On an exchange of a substantial amount, say from the sale of your UK property prior to emigrating, such a fall has a massive impact on the amount of money you’ll have to start your new life. For example, if exchanging £150,000 the difference in US Dollars received would have been US$26,700. In just a matter of days.
In recent months, the value of the Pound has continued to remain low. As of yesterday, the exchange rate was at £1=US$1.247. It had been as low as £1=US$1.203 in the middle of January.
With this in mind, it is arguably more important than ever before to seek expert advice before exchanging your Pounds for US Dollars.
Currency specialists Halo Financial understands why the exchange rates are moving and just what impact this has on your currency transaction. What’s more, they can also explain how to make your money go further and give you a range options on exactly when you wish to exchange, and how much you should exchange at a time.
To find out how you can make sure you can get the best exchange rate possible, and take advantage of positive fluctuations in the markets, visit www.halofinancial.com
Article published 28th March 2017