freebo

This is fascinating to watch, and of course I'm sorry for those negatively affected by it (not only folk here but also the miners, other exporters, tourism industry etc, all of whom are seeing their profits hit). The real story is GBP and USD plus others being devalued (deliberately?).

Against some other currencies the AUD isn't doing anything special JPY for instance, although they're trying (and failing) to devalue too.

bingobob777

Biggest monthly fall in house prices since records began in UK

More QE to be announced today in UK?

$1.5 here we come.

freebo

Really - no surprise I suppose. Sorry to all those holding UK property - Australia may be behind the curve on that one

Centurion

99.20 USD

paulry

Dunno what to think . Can it get any worse?

freebo

Yes it can, but it can also get better - thing is, you don't have to bring too much over comparatively, unless you choose to.

No-one knows the perfect answer (several claim to), "only you can decide", welcome to the same dilema everyone faces when they come over!

Les Avalook

UK Forex think so, 'Service unavailable'.

Guess it's jumping around too much.

Kapri

That may be a good idea Jad, certainly one we'll connsider.

paulry

Yes it seems to be par for the course right now.

As are a lot of long time Aus residents with $$$ to exchange, no doubt

freebo

It currently gets you 1.59 US

charlie5

Hi

From the Daily Mail:-

Pound hits eight-month high after Bank of England holds interest rates at 0.5% AGAIN
Sterling hit an eight-month high today after the Bank of England announced it was keeping interest rates on hold at 0.5 per cent.
The pound, already buoyed by figures for August showed the fastest rise in manufacturing activity since 1994, rose above $1.60 this lunchtime.
It reached $1.6008 - its strongest since early February - as interest rates were left unchanged

http://www.dailymail.co.uk/news/arti...#ixzz11iC7pKUK

Charlie

Seneca21

With British house prices crashing a record -3.6% in September it might be worth starting to think about buying property in UK and letting it out rather than transferring it into AUD at record lows and getting screwed hard in the process.

freebo

That's actually occurred to me, although I think there is further to fall (in UK property, no idea what the pound will do vs aud short term).

Seneca21

Especially when you consider how expensive British rents can be. Worth a thought. And yes I think UK house prices have a long way to fall. I would argue that if they went back to their long-term average they have something like 35% - 40% to fall, although whether that will happen I'm not so sure. Just saying what should happen.

littda01

Quite interesting the timing of this data being released, given the IMF yesterday said that the UK housing market was way overvalued. Wonder if they had a sneak peek :-)

I certainly would not buy property in the UK right now, IMO the worst is coming in the next couple years. JMO of course.

But it is interesting to compare to Aus - UK rents are much closer to mortgage costs. I think they will probably come down as house prices come down - a perfect storm. In Aus, the multiples of rental cost you have to pay to buy a house are lunatic - it is not worth 2, 3 or 4 times rent for the privilege of home ownership. If anything, rent should be MORE expensive than owning - it is with every other type of asset.