AGENT: “We have had an offer for your property for 380,000 Euros.What do you think?”
CLIENT: “Well, I’m not sure . . .My asking price is 425,000 and I have already reduced it from 450,000”
AGENT: “My understanding is that you intend to repatriate the funds to UK, is that still your intention?“
CLIENT: “Yes, most certainly but I was not expecting to take such a loss”
AGENT: “When you first listed your property with us at 450,000 Euros, Sterling was 1.48 to the Euro, that means that you would have received £304,054.
This offer means that you will receive £301,587.
In other words just slightly less than you were expecting 18 months ago and there is supposed to be a real estate crisis. I urge you to accept!”
The message here is clear and simple. Right now is the best time to acquire Spanish property and right now is the best time to sell.
The Bank of England is on a knife-edge fighting inflation and a winding-down economy and the Sterling is likely to remain pinned down at 1.20 – odd for the next few years. But then what?
As surely as day follows night, a boom follows any recession, and that is an indisputable fact!
In and article on BBC.co.uk a National Housing Federation predicts a 25% increase in UK property values by 2013, starting in 2010 but a fall of around 7% before the end of the year.
Read the full article here:
BBC NEWS: English home prices “set to rise”
2010 is an interesting prediction because that is the first definite date for a change of government or leadership. It could possibly happen before but, until it does, the economy is doomed to wallow in gloom and despair - sorry Mr Brown but a lot of people would agree with that!
Most certainly there is not likely to be an improvement in the value of £sterling for a year or so but this will eventually happen and the opportunity will be lost as sellers will be forced to increase the Euro price or lose out.
Homefinder
Spanish Real Estate Crisis | Falling Vale of Sterling 
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