US home prices increase

New data released earlier this week for July 2016 shows that home prices across the United States continued to rise over the last 12 months.

The latest S&P CoreLogic Case-Shiller US National Home Price Index, which covers all nine US census divisions, reported a 5.1 per cent annual gain in July. This is up from 5.0 per cent last month. The 10-City Composite posted a 4.2 per cent annual increase, down from 4.3 per cent the previous month. The 20-City Composite reported a year-over-year gain of 5 per cent, down from 5.1 per cent in June.

Portland, Seattle, and Denver reported the highest year-over-year gains among the 20 cities over each of the last six months. In July, Portland led the way with a 12.4 per cent year-over-year price increase, followed by Seattle at 11.2 per cent, and Denver with a 9.4 per cent increase. Nine cities reported greater price increases in the year ending July 2016 versus the year ending June 2016.

While rising US home prices may be good news for the country’s economy, it’s not such great news for Brits hoping to move to the country soon. When emigrating to the States, and ultimately buying a property there, every spare cent that you have to start your new life will be welcome.

Therefore, to counter the rising home prices it is essential to get the best possible deal on your currency deal – no easy task given the uncertainty that has surrounded the Pound-US Dollar exchange rates since Brexit.

When exchanging large lump sums for emigration purposes, only a small change in the market can have a significant impact on the amount of money you could be potentially starting your new life with. And, as has been well documented, Brexit has caused some larger than normal moves in the market.

Just prior to Brexit £1 would have purchased you US$1.474. However, within days of the Brexit outcome this rate plummeted to £1=US$1.296. On an exchange of a substantial amount, say from the sale of your UK property prior to emigrating, such a fall has a massive impact on the amount of money you’ll have to start your new life. For example, if exchanging £150,000 the difference in US Dollars received would have been US$26,700. In just a matter of days.

Since the Brexit announcement, the value of the Pound has continued to remain lower than before, but had climbed as high as US$1.340 as of 8th September. As of yesterday the exchange rate was £1=US$1.300.

With all this uncertainty, choosing the right time to exchange has arguably never been harder. However, currency specialists Halo Financial understands why the exchange rates are moving and just what impact this has on your currency transaction. What’s more, they can also explain how to make your money go further and give you a range options on exactly when you wish to exchange, and how much you should exchange at a time.

To find out how you can make sure you can get the best exchange rate possible, and take advantage of positive fluctuations in the markets, visit www.halofinancial.com

Article published 30th September 2016

 


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