New figures show that US property prices rose in the second quarter of 2016.
The latest Federal Housing Finance Agency (FHFA) House Price Index shows that property prices in the country rose by 1.2 per cent in the three months to the end of June.
The figures show that during the second quarter home prices increased in every state except Vermont. The biggest quarter-on-quarter gains were witnessed in Oregon, Washington, Colorado, and Florida.
While rising US property prices may be good news for the country’s economy, they’re not so great 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 property 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 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 low, although as of yesterday had climbed up to £1=US$1.321.
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 31st August 2016