Barbados, where property is more affordable thanks to the strength of the pound Photo: Just Enough Focus
Having peaked at 1.65 in December 2013, and now sitting at 1.64, the strengthening UK economy means the exchange rate is at continuing to stay favourable for those looking to move overseas.
Richard Way, Editor at The Overseas Guides Company, argues that the USA is now within reach, with other familiar destinations for emigrating such as Australia, South Africa or Canada, also offering much more in return for sterling savings.
The pound’s performance against the dollar also means that Brits can get more bang for their bucks in the Caribbean. This period is expected to even itself out by the end of 2014, according to one currency strategist. Jane Foley of Rabobank International in London forecasts that the pound “will be able to hold its own against the dollar over the next couple of months but by the end of the year the dollar will have fought back”.
As a result, buyers purchasing a US $1M property today can make savings in excess of $37,000 (£23,000) compared with January 2013, while a US $2M property will exchange for £1.21M today – saving over $75,000 (£46,000) compared to this time last year.
Kim Goddard, Director of Sales at lifestyle resort Royal Westmoreland agrees that now is a prime time for UK buyers to take advantage of the financial gains, explaining: “Not only is the exchange rate favourable for UK buyers but distressed inventory has been absorbed by the market and prices have stabilized; this historically has meant that the market will begin to rise.”