Sterling gained across the board yesterday, including by 0.2% against the euro and 0.6% against the US dollar.
If you were buying a €200,000 or a $200,000 property within the eurozone or USA it currently costs roughly £6,000 or £8,000 less, respectively, than at the lowest point in the past year.
To fix that rate for the year ahead, call your account manager on 020 7898 0541.
The question is, could the pound lose the same amount, or more, in the months ahead, potentially costing you tens of thousands? And could you afford to continue your plans if it did?
The answer to the first is an unequivocal yes. We are in a turbulent time, with three pivotal elections. The euro sank when the French election was called, it recovered when the first results came in, but frankly could go anywhere next.
To steal a metaphor from Boris Johnson, working out which permutation of results in which election will send the pound where, is like reversing your car round a corner with a horsebox on the back. Turning the wheel in any direction offers no real clue as to where you’ll end up.
You might find it better simply to worry about your own plans and fix a rate today. Peace of mind is a much under-rated commodity.
We will be open until after the exit poll comes out on Thursday night, then at 6am on Friday morning. If there is a surprise we will be busy, so you may find it better to sort out your transactions before then.
