Recently released figures show that US property prices recorded strong annual price growth in November, thanks to rising disposable personal income per capita, decreasing unemployment, and low interest rates.
The latest S&P/Case-Shiller US National Home Price Index, which measures all nine US census divisions, revealed that US property prices rose by 5.6 per cent last November, up from 5.5 per cent a month earlier.
Seattle, Portland, and Denver reported the highest year-over-year gains among the 20 cities covered by the Index. Seattle led the way with a 10.4 per cent year-over-year price increase, followed by Portland with 10.1 per cent, and Denver with an 8.7 per cent increase.
The smallest price increases were seen in New York, where prices rose just 2.4 per cent. Growth was also sluggish in Washington (3.7 per cent) and Cleveland (3.8 per cent).
To counter the rising US 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 last year’s Brexit vote and the election of President Trump.
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.
In recent months, the value of the Pound has continued to remain low. As of yesterday the exchange rate was at £1=US$1.248. It has not been above £1=US$1.340 since early September.
With this in mind, it is arguably more important than ever before to seek expert advice before exchanging your Pounds for US Dollars.
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 9th February 2017