exchange rates

[Guest ozzy wannabe]

Morning All!

 

 

We are hopefully going to exchange on our house in the uk today (if the solicitors can pull their fingers out)., however I feel that I'm going from one drama to another at the mo with the rubbish rates were offered with the currency dealers!

 

I had heard that the rate 'normally' tends to pick up again end of jan beg of feb.

 

Has anyone else heard this?

 

Vicky

[Guest muppetbro]

im afraid all the current mid term views suggest the pound is getting weaker so it may be wise to leave your £ in the uk until the market favours your exchange rate - you can leave your £ for 6 months without penalty after which time you would get taxed on the interest only made after this 6 month window.....

 

however with recent house prices recorded at 26% growth for the past 12 months in adelaide reported in the local advertiser this week and still some way to go to catch up on other states on average house prices, im a fraid the finacial arguements for immigration increasinlgy holds less truth - living here is no different to living in the uk we have found re costs of living household bills etc etc.......the big plus for now is can you purchase your house without the need for a big mortgage....?

 

if you have a substantial amount to exchange and are committed to give it 2/3 years here then i would get on the housing ladder asap as this city is currently boom time but the exchange rate at the moment is kinda painful i guess - with luck in 6 months after a period of renting i hope the exchange rate is good for you guys if/when your in a position to purchase......

 

with all things it pans down to realistic expectations before your arrival

[Guest ozzy wannabe]

Thanks for the honest truth

 

Even if it is depressing!

 

Vicky

[Guest graandjac]

http://www.hifx.co.uk/marketwatch/currency_charts/historical_data.aspx, watch the rates with this chart changes by the min, change the currency just above the chart on the left hand side using the instrument tab, you can change to $ and £ as it starts in £ to euro, Also hoping the rate picks up soon.:sad:cheers Graham

[Guest Nick11]

Exchange rates are a lottery!!

[Guest ozzy wannabe]

How long have the house prices been shooting up like this?

 

We now very concerned as with the poor exchange rates as well as the high house prices, we are going to loose out and not be able to afford a decent sized house in a area thats ok.

 

Any advice?

 

Vicky

[Guest muppetbro]

im afraid it is down to luck regards the exchange rate but the housing market is unlikley going to slow down as the forces / mining contracts and continued oversees / interstate investors continue to push up prices....

 

also the cost of living is no way cheaper than the uk overall all things considered, household bills are definately way higher and petrol is zooming up in price.....and consider the vast majority of people earn lower wages/salary

 

be realistic - the reason why so many people buy newbuilds down south/up north is that is all they can realistically afford with/without a mortgage - the younger generation here get further pushed out of the city as they are priced out - good lcuk

[Guest Rob and Clare]

One of the things you can do to help out is transfer your money out in but into a Pound account to wait for the exchange rate to improve. At least your money is just an internet transaction away from being converted to dollars, and you'll still get some interest.

 

What you may also be able to do is get a mortgage on the proof of your british funds, that way you can get on the housing ladder straight away, It is all a gamble and this tactic will be hard for the first few months with a larger than planned mortgage, but a 10c swing in your favour on a 100,000 pound account is $10,000.

 

Another option if you want a new build is to purchase the land then wait to build later, or as it takes a year for a 2 story home to be built, gamble on the exchange rate changing during completion. The prices of a new house rise roughly in line with inflation, so you don't lose by waiting, and the value is with your land.

 

There is no right and wrong answer, just hindsight after the event.

 

We just decided to convert the money over and take the hit, and this helped us just get settled and started living here. Admittedly the exchange rate wasn't quite this low.

 

Good luck and fingers crossed....

[Guest graandjac]

:wideeyed:Mr Bro you make the south and north look like second choice areas....!! The north might be a little run down in some areas but is now getting bigger growth than any other area in Adelaide, and the south for alot is perfect inc us , we live in a small village about 1 hour from Brighton and London so the this distance from the city sounds Fantastic . Another advantage to building a new build is you also save on stamp duty as you only pay it on the land price not the whole cost, and in a few years the new areas will look no different to the old , by the way of trees green etc....Also the wide streets of the new estates give the feeling of not so cramped blocks, even though the blocks might be slightly smaller. Cheers Graham