Sterling hits highest rate in 4 years against the Euro
The Pound Sterling hit a new high of €1.2703 on Friday, the best rate of exchange for the last 4 years.
This increase comes from ongoing and continual rumours affecting the Eurozone, and in particular, growing concern and uncertainty from Greece, Portugal, Italy and Spain.
Far from kick starting a sudden surge of British buyers in Spain; it should at least go some way towards an increase of interest in the Spanish property market as prices continue to fall.
On the other hand, for those Brits selling their properties in Spain, the continual increase of the Pound against the Euro is eroding their purchasing power of Pounds when selling in Euros. There is an argument that whilst British sellers in Spain are forced to reduce their prices, in order to sell, and whilst the Pound continues to rise, there comes a point that a decision must be taken to avoid loosing at both ends of the scale, both in the sale price and in the cost of purchasing Euros with Sterling.