Spanish Property: Profiting from Weak Sterling | Latest Spanish Property news from Kyero.com
Spanish Property: Profiting from Weak Sterling | Latest Spanish Property news from Kyero.com Shared via AddThis Sterling has had a wild ride this summer, hitting people with second homes on the Continent as well as holidaymakers. The pound tumbled early last week after the Bank of England said the credit crunch may have damaged its long-term value. It later rallied when the minutes of the Bank’s monetary policy committee were more bullish on the economy than expected, but fell to end the week at €1.09, a near six-month low, after governor Mervyn King said a weak pound was good for exporters. Consumers are being offered myriad ways to protect themselves from sterling’s volatility — from forward contracts that let you fix your exchange rate if you are buying property overseas, to currency mortgages that promise to cut your debt. However, brokers are notoriously bad at calling the market, so do these schemes really work? Here, we offer advice: WHAT’S THE OUTLOOK? The pound has proved huge...