Re: Exchange rate
 

I agree entirely. It's very tempting to go for the 5-bed palace with pool, garden, etc. but think again. Do you really need all that space - just because you've never had it before?

It's worth buying at a comfortable level and finding what's right for you, rather than sinking all your funds into bricks & mortar (or wood and plastic). After all, there will be property taxes, appliances, car, etc. to fund too!

Just a thought.:thumbup:

Simon:cool:

Re: Exchange rate
 

OMG, the rate is down to $2:08.6, down nearly 2 cents today

Re: Exchange rate
 

:blink::mad:
Damn that is low

Re: Exchange rate
 

it is amazing how quickly it has dropped recently

Re: Exchange rate
 

Does anybody know what the root cause is? The pound seems to be tanking against everything!

I think we'll skip the house buying plans and just rent until we see how things pan out.

Re: Exchange rate
 

The global financial markets have just gone thro 48 from hell. Stock markets have started to correct from their massively overbrought levels...Bond Futures are collapsing (meaning interest rates are expected to rise).

Basically, the world has just woken up to the fact that interest rates globally are not gonna come down anytime soon. In fact looks they may raise further. Something called the 'carry trade' were money was borrowed from places like Japan at very low rates and invested in global stock markets, has been in place for a number of years, everyone now appears to be unwinding this at a very quick rate.

The jist i think it goes lower...i expect sub 2.00 in the not too distant future, i am currently pulling my hair out looking at the amount of money this is going to cost me on moving my funds over.

Hope that helps

Chris

Re: Exchange rate
 

Thanks Chris.... it helps, but why isn't it affecting Ganada too? I think I'll keep my savings in the UK. I'm not changing them at that rate. Houses that appeared like good value for money in February (2.35) now don't seem anything like. And Canada doesn't appear to be suffering the same house price drops as their neighbours, although I have seen a few big reductions.

What a bummer!:curse:

Re: Exchange rate
 

Why is Canada not affected? Canada is!! The economy there is really strong at the moment. They have to raise because of the economy, everyone else is raising because inflation worries. When inflation worries cease then US, Uk, Europe can begin to bring rates to neutral, whilst Canada is raising to slow the economy, that should take a lot longer to reverse.

UK can't go too much higher without a housing crash, something Labour would put as much pressure to stop as possible with a general election in the not too distant future.

Chris

Re: Exchange rate
 

I see. Aren't they worried about a house price crash in Canada too? Houses there seem to be very expensive in some parts, particularly when you take into account average wages.

The bottom line is.... I don't have as many dollars as I once did:blink:

Re: Exchange rate
 

snap just been done out of that 4x4 in the last 3 weeks

Re: Exchange rate
 

i appreciate you are not a fortune teller, but not too distant future?, what do you think best guess, 3-6mths or shorter, and if this is the case would it be feasible to reverse the situation in the same timescale?
i recall the rates when i first went in march '06 at 2.04, then when went again in june last year, 2.16/17, then of course the rises we saw over christmas to the situation we have now, could history repeat itself in this timescale? is it a seasonal thing as well? cheers rae

Re: Exchange rate
 

I expect below 2.00 before the end of the summer, ie September. Just in time for us to move over and get the worst possible rate.

Hope that helps

Chris

Re: Exchange rate
 

You are becoming Jesus of the money changers (with all that entails).

Re: Exchange rate
 

September is when we're supposed to be landing too. I'm planning all my moving budget with an exchange rate of $1.90, then I can be (almost) sure what I'm going to have for the move, any more cash will then be a bonus. Of course in October something wil happen in the markets and the rate will go up to $2.50, but that's life, as we say.

Re: Exchange rate
 

Steve very sensible. At least then you can't be disappointed.

One thing that could turn this around would be a surprise rate hike from the Bank of England, but onthe otherhand that might make selling houses a little harder.

As i said a while ago we will just bite the bullet and change up as soon as the house sale money its our bank account. I don't want the wife telling me i told you so for the next 10 years.

All the best

Chris