Property market gives UK PLC a boost
28 July, 2011
Exchange rates for sending money abroad are up across the board today – mostly due to Nationwide’s house price survey showing a 1.3% rise in house prices for July.
The UK’s biggest building society believes that we may even see house prices finish the year higher than they started – which would have been unthinkable just a few months ago.
This, along with a rise in mortgage approvals announced earlier in the week by the Bank of England, has given the Pound a welcome boost, as good economic news (along with the increased likelihood of higher interest rates in due course) tends to make the currency more attractive to investors.
As a result the Pound is now trading at nearly 1.65 against the US Dollar and for Euro exchange rates, the mid-market rate is back above 1.17 for the first time in weeks.
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