Figures from the Land Registry has shown house prices have fallen in March by 0.6% at an average price of £160,372. The Land Registry have said that the level of property sales has risen slightly compared to the same period last year but the housing market is still stagnant with little sign of an improvement on the horizon. If the UK’s Gross Domestic Product (GDP) figures are going to be revised up and therefore mean we are not in recession we will need to see the housing market improve as this is one of the major areas of the UK economy. So many Brits have money tied up in property and so any improvement in the property market can mean we see more money moving around the UK economy and therefore a boost for Sterling exchange rates. However, when the housing market is stagnant there is less money moving around the UK economy and therefore this can result in a weaker Pound. With the economy at the forefront of most people’s minds all economic data released over the next few weeks will be very closely watched.
If you need to send money abroad and are looking for the best exchange rates make sure you speak with one of our experienced currency brokers today so they can keep you informed of any market updates and any major changes in the excahnge rates. At Foreign Currency Direct plc we have a number of contract options to help with your currency exchange so call straight through to our trading floor today on 0800 328 5884 or email firstname.lastname@example.org