For clients that are purchasing properties in Europe in the upcoming months or are selling properties in Europe and will be eventually repatriating Euros back into Pounds, today is the day to formulate a plan as your exchange rate could look extremely different in the coming months.
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The next 5 days in the House of Commons are extremely important for the Prime Minister and consequently the Pound. Yesterday the PM suffered a heavy defeat which means she will have to publish the legal advice text that has been given and if her Brexit deal does not get passed on the 11th the Government will then have more of a key role in the negotiations.
For clients that are about to purchase their deposits for their dream property or have already purchased a deposit and need to purchase the full balance in the months to come, no deal on the 11th December I believe could cause huge problems for the Pound, which ultimately will mean your property will cost you more money.
The reason I believe the Pound could fall sharply is because of the uncertainty it would bring. The Prime Minister has had over 2 years to negotiate a deal therefore if she misses her deadline I expect she will be ousted or resign. If this was to materialise then trying to predict what would happen next is impossible and that is the problem for investors.
On the other hand, for clients buying the Pound in the upcoming months they should be concerned also. At present it looks like a deal won’t be reached on the 11th, however if Conservative MPs change their stance and a deal is secured, that will mean that the UK will start to leave the EU in an orderly fashion next year and the likelihood is that the UK will continue to trade with the EU for at least the next 2 years and potentially for many years thereafter. Therefore buying Sterling with Euros is extremely attractive at present and anything could happen in the weeks to come.
From the moment I spoke with Dayle he was very friendly and explained how Foreign Currencies Direct operated. He also explained about the fluctuating Sterling/Euro market. Would definitely use the company again & recommend them to family & friends.
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