As the Florida summer begins and the housing market continues to heat up, it should also be noted that the Sterling hit an 8 month high at the end of June at just over 1.6715 against the U.S. dollar. This is fantastic news for U.K. vacation home buyers looking to pick up foreclosure deals here in Florida. We only need to look back a few months to see the Sterling trading around 1.41 against the dollar.
The positive data is showing that the U.K. housing market is starting to rebound and that the investors are pulling out of the safe haven of the U.S. dollar to look for higher yielding investments. The stronger pound allows U.K. Buyers to refinance their properties back home to purchase investments here in the U.S.
The Euro is also seeing some strength against the Dollar but is still under pressure as the areas that encompass the Euro are still vulnerable and investors are weary as these markets may have not reached bottom yet. The strength of the pound will lead the way for both the Euro and the Dollar in the coming months. A strong pound may keep both these currencies low which will mean opportunity for U.K. buyers that are looking to purchase properties here in Florida.