strong sterling could benefit those buying property in portugal
News Posted On: 04 August 2009
Advances made by sterling on the euro over the last week could be welcome news for investors buying property in Portugal.
Figures from Nationwide revealed that since Monday July 27th 2009, sterling has started to make gains on the euro.
On this date it opened below €1.16 but rose to €1.1750 in London on August 3rd.
If the pound continues to grow in strength, this could be good news for purchasers of property abroad in eurozone destinations such as Portugal.
Those who make purchases with the strong pound could find that they get more for their money than they would in the UK.
MoneyCorp commented: "Sterling starts August looking more potent than it did in July. It appears to have punched out of the €1.15 to €1.17 range that held it for the previous three weeks, helped by its upward break against the US dollar."
It asserted that the pound could potentially "test €1.21", which would be close to an eight-month high for the currency.
This comes after Reuters conducted a poll of 75 economists, all of whom said the European Central Bank is unlikely to change the refinancing operations rate.
If it remains steady, those getting a mortgage for property in Portugal could find they get a lower interest rate.
Written by Les Calvert
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