chippy dave

What i mean is it,s going down as quick as one.It has,nt been this low in almost two years.Anyone had a chat with the experts as whats going on.I,m certainly no expert but if you look at a recent flow chart it is definatley on a downward slide


dave

cantwait

It might have picked up Dave, by the time we sell our house's eh..

nivlad

Ihear you, Canadian $ is doing the same thing, nightmare

chippy dave

True paula but by that time we may have to move straight into a old folks home

We had a second viewing on saturday and the estate agent phoned today saying it,s the property for them he,s just got to get approval for his to be rented out then he,ll make an offer.
The girl said thats great news is,nt it.I said i,ve learned a lot about the housing market over the last few months and until he makes an offer i,m happy with, no im sorry it,s not great news.I already let the guy know on the second viewing that i,m keen to sell not desperate.

Have you had any luck yet?

dave

Sue2

Not good is it we're going soon....most of our money from sale of our house is gonna stay here for some time

Sue

chippy dave

I agree Sue if we sell soon we,ll do the same.The problems with that are if the rate goes up we,ll get taxed on the extra and also it could drop even further and stay low for a while

dave

markeh

Hiya Dave,
I had a look at work for the predictions in the next few months and it predicted it even lower.

Then again it could be wrong!

Bye
Mark

cantwait

No... we haven't had any luck yet, we took it off the market yesterday with edwards grounds and we've got a new agent calling round tomorrow (Thur), we've got to do something just sitting waiting for viewers to come was doing our head in.

We've dropped the price and the new agent said he reckons he can sell it for us (ummmm lets see about that eh) im beginning to think we'll never get to Oz.

It's hard to remain positive at the mo ain't it.

Paula.

Soi Oz

Depends on which way you're looking at it Nothing wrong with the exchange rate the way I look at it! When I went to work in the UK (quite a few moons ago) the exchange rate was 0.36

The average exchange rate over the last 15 years (GBP/AUD) is 0.422. The highest it has been was 0.53 back in May 1996 and the lowest was 0.33 in 2001. Today it was 0.43 so its above the average. What's everyone complaining about?

worzel

It is going down faster than Gillian Taylforth in a lay-by

lynnlovessun

To be honest not being particularly financially minded I never thought a rate of 2.3 on my modest savings of 15k GBP would affect me too much until I did my sums!

15k GBP exchanged at:

$2.3 = $34,500
$2.4 = $36,500
$2.5 = $37,500
$2.6 = £39,000

So if I waited and exchanged at 2.4 then I would get an extra $2000/ £833
So if I waited and exchanged at 2.5 then I would get an extra $3000/£1200

A lot of money now i've looked at it

We don't fly until 31st October - what am I best to do - can I set a forward contract with HIFX for say $2.5 to the pound? Am I likely to achieve that?

We already had to deposit $2000 into our HSBC account to open it in the form of a bankers draft, so I don't need to do anything until just before we go.

Any advice would be appreciated,

Thanks-

Lynn

worzel

The risk if you wait is the rate could get even worse . I don't understand why people assume it will go back up again. If the UK has a recession the Bank will slash interest rates to stimulate the economy making the rate deteriorate further.

Forward contracts normally lock you into something around today's rate if you fear the rate getting worse.

Try those calculations when you have ten times as much as it really hurts, especially when you have dropped £25K off your house price already.

lynnlovessun

Yes I can imagine Worzel - we don't have that much in savings at 15k but to us thats a lot of money. I don't know whether just to go ahead as soon as HSBC account open and transfer through Tranzfers or HIFX or whether to wait a bit longer - I see your point with regards to rate going even lower :scared: I am not a financial analyst though!

Lynn

longreach

If you are concerned about the future performance of the £, then you could enter into a forward contract with HIFX or whoever. They normally require a 10% deposit (for HIFX anyway)

Cheers.

lynnlovessun

was on their website today reading up and it states that you can only do a forward contract if you are exchanging 20k+ - we will only have 15k to take :scared:

Looks like my only option will be to spot buy!

Lynn