The pound fell nearly 4% last week against the euro and we probably shouldn’t draw much comfort from this morning’s slight rise, caused by a small improvement in the stock exchange.
It really could go either way in the coming weeks, surging upwards if there is a Brexit trade talks breakthrough or downwards if the debacle over the Internal Market Bill brings no deal. With the British government having made so many U-turns over the summer, anything could happen, but equally it could all be posturing and part of some grand plan. Who knows.
Either way, it remains a good time to be locking in a rate for the year ahead. Had you locked in the rate this time last week on £200,000 it would be worth €7,000 than it is right now. There is no particular upside on the horizon, although the market could move on Thursday around the Bank of England’s interest rate decision, or in response to more evidence of a second wave and potential lockdown in the UK.
Secure your rate and you will prevent any future exchange rate falls affecting your budget. Call your trader on 020 8108 5337 to do that.
We continue to be extremely busy at Smart, boosted by the rush of British people buying property abroad in the last months of the Brexit transition period.
Some EU countries may be allowing a little wiggle room in how quickly you have to do the paperwork – France’s online registration portal doesn’t even open until October – but you do need to be living there by 31 December.
For any help or advice on moving abroad, getting residency, healthcare etc, I do recommend our partner Your Overseas Home’s webinar series, accessible here and all free.
