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Exchange rate & Brexit killing housing market

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Posted: Sat Jul 21, 2018 8:08pm
75 replies2883 views27 members subscribed
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Wrenny1969

Posts: 72

Location: Aspe

32 helpful posts

It strikes me that recent currency movements are rendering a house purchase as ill advised. I wouldn't want to be selling a place in Spain at this time. 

As the rate rattles around 1.1 you'd have to be brave or stupid to buy now. How can it be that the market is often described as buoyant? 

I'm starting to think that I won't buy unless I see a rate of c. 1.2 to the pound, I could rent my place in the UK out but I really don't fancy the aggro. 

Clearly there are buyers from countries other than Britain but given the reliance on us to feed the market 2018 must be turning into the wasted year. 

Roll on 2019, if May's white paper is workable maybe things will change. 

Must be a downer when so many depend on £ denominated pensions or rental income being remitted each month?

Looks like another year at work for me. 

Rant over 😀

271935

271935

Helpful member

Sun Jul 22, 2018 7:12am

Posts: 608

Location: Villamartin

431 helpful posts

Posted: Sun Jul 22, 2018 7:12am

I purchased in the  1.30s but others will have bought even higher.

Even then the £ was falling and I changed all my euros 4 mths before I had even found and  completed on a  property. Had I changed the money on the day of the sale it would have cost me £11000  more.

I would advise the same as you .....UK buyers should hold off until the £££ becomes worth more than toilet paper. 1.20 is a fair target. I don't think we will ever see again the 1.40s we saw in 2015.

Wrenny1969

Wrenny1969

Original Poster

Sun Jul 22, 2018 7:25am

Posts: 72

Location: Aspe

32 helpful posts

Posted: Sun Jul 22, 2018 7:25am

I think you are right. Throwing money away is never pleasant or advisable. 

Dlrsantapola

Sun Jul 22, 2018 7:40am

Posts: 56

Location: Santa Pola

28 helpful posts

Posted: Sun Jul 22, 2018 7:40am

Well obviously you are THE expert on this matter ! I personally think it's up to people to make their own decisions whether they are "brave" or "stupid" it's down to them 

Wrenny1969

Wrenny1969

Original Poster

Sun Jul 22, 2018 7:42am

Posts: 72

Location: Aspe

32 helpful posts

Posted: Sun Jul 22, 2018 7:42am

What's your view, do you have one or just nervous of such sentiment? 

Dlrsantapola

Sun Jul 22, 2018 7:47am

Posts: 56

Location: Santa Pola

28 helpful posts

Posted: Sun Jul 22, 2018 7:47am

My view is if people want to buy now and their happy good luck to them ! At least they are doing and not thinking about it 

Wrenny1969

Wrenny1969

Original Poster

Sun Jul 22, 2018 7:57am

Posts: 72

Location: Aspe

32 helpful posts

Posted: Sun Jul 22, 2018 7:57am

Great advice. Fools rush in where Angels fear to tread. Everything I do is planned and informed. 

I'm happy to take a challenge here but not a feelings based one. 

Willy

Willy

Helpful member

Sun Jul 22, 2018 8:57am

Posts: 120

Location: Benijofar

65 helpful posts

Posted: Sun Jul 22, 2018 8:57am

Hang on a minute if you got one to one and wanted a place in the sun and can afford it what is the problem! remember nothing is guaranteed and the pound could end up being worth less than the euro long term as no one actually knows what will happen even the so called experts!

Wrenny1969

Wrenny1969

Original Poster

Sun Jul 22, 2018 9:12am

Posts: 72

Location: Aspe

32 helpful posts

Posted: Sun Jul 22, 2018 9:12am

Nothing is wrong with it. What I'm suggesting though is that markets need confidence. With Brexit and a weakening Sterling value there may be significantly less buyers or buyers with less Euros. My position is that this is not good for the market. Personally parity in Gbp:Eur would likely kill off my plans and I've been relatively disciplined fiscally. 

alavib

Sun Jul 22, 2018 9:28am

Posts: 60

Location: La Marina

18 helpful posts

Posted: Sun Jul 22, 2018 9:28am

Well good folks I bought when pound was 1.37 and way back in early 2015, however I agree with the person whom said it’s up to people to decide whether or not to buy now and or wait for this endless saga with the British Government who frankly are acting like headless chickens if I ever want to buy now as here in Spain still is a buyers market I would make offers to match my budget 

Good luck all

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