Brits hit by ‘currency shock’?

Brits hit by ‘currency shock’?

Thursday, March 27, 2008

British property investors could be affected by the sharp drop in the value of sterling…

This is the view of Moneysupermarket.com, which warned that investors should think carefully about the timing of their currency exchanges. Financial expert, Kevin Mountford commented: 'This currency development is having quite an impact. From a tourist perspective, you now have to be careful not to leave your currency exchange until the last minute.'

A €150,000 house in Spain a year ago would have cost a UK buyer £105,000; now it would cost £120,000. This ‘currency shock’ may seem like a blow to investors, but there are reasons to be positive, claims Mr Mountford: “On the positive side, the cost of property has fallen in many European countries, but the problem is that any gains are now being offset by this poor exchange rate. On the flip side of the coin, people going to the US for their holidays are now enjoying better value for their money than ever.'

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