Property market gives UK PLC a boost

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.