Great Time to Buy Tenerife Apartment, as Pound Hits 7-Year High

Pound hits new 7-year high versus euro, as Carney points to rate hikes

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Welcome to Pure FX’s update of the foreign exchange rate. This tells you when you’ll get the most euros, to buy a Tenerife holiday villa.

The pound hits its highest versus the euro since 2008!

It’s a fantastic time to buy a Tenerife property right now, because sterling has touched 1.3559 versus the euro recently, its strongest since December 21st 2008, or more than 7 years.

By contrast, the pound was as low as 1.1999 on January 1st 2014. Hence, it’s since climbed by +13.0%, or 15 cents.

To put this into context, a £250,000 transfer to Spain to buy a Tenerife home would hence be worth €39,000 more today than at the start of last year.

(Please bear in mind, these are the interbank rates at the time of writing. This mean the exchange rate may have changed since then.)

Pound looks set to climb, further cutting cost of Tenerife holiday home

What’s more, the pound may continue to hit fresh record highs versus the euro, making buying a Tenerife villa even more affordable. This is because:

1. The pound may climb, because Bank of England chief Mark Carney said today that the central bank will likely hike interest rates much sooner than the City forecasts.

2. Sterling could rise, because Mr. Carney believes that the fall in the price of oil will both boost UK consumer spending and economic growth in 2015.

3. The euro may weaken meanwhile, because Eurogroup chief Jeroen Dijsselbloem has said there’s “no common ground” regarding Greece’s bailout.

Given all this, look for the pound to exceed its 7-year high versus the euro, making buying a Tenerife villa great deal!

Get a free currency quote

To get an exchange rate up to 4% better than your high street bank when you transfer money to Spain to buy a Tenerife villa, click here to get a free quote with foreign currency specialists Pure FX. We’ll save you thousands.

By Peter Lavelle at Pure FX

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