News from Nationwide yesterday showed that house prices fell in January by 0.2% compared to the previous month with average house prices in the UK now at £162,228. With the UK public having so much money invested in the housing market this information is seen as a very important indicator for the performance of the UK economy. Falling house prices can mean a fall in house sales which means more money can be tied up in bricks and mortar rather than moving through the economy so this news is not good news for Sterling exchange rates and should we see house prices continue to fall it could help push the country into official recession.
In Europe yesterday we saw that unemployment had hit a new record with Spain at an incredibly high figure of 22.9% of the country out of work. This news coupled with the fact that Greek debt talks have not been resolved led to Sterling gaining over 1% against the Euro yesterday which has presented some excellent buying opportunities for clients looking to buy euros. If you are looking to transfer money overseas and want exceptional exchange rates speak to us today so we can discuss your currency requirements and all the options available to you. Our trading lines are open Monday-Thursday 8:30am – 6pm and Friday’s 8:30-5pm and you can speak directly to one of our experienced currency brokers on 0800 328 5884 or +44 1494 725353 or email email@example.com.