Strengthening pound improves purchasing power for UK buyers

The UK pound has climbed as high as $1.411 recently, its strongest in more than two months, fuelled by a weaker dollar, improved UK economic outlook and market relief that a Scottish independence referendum looks unlikely in the near term.

A year ago in May 2020 the exchange rate was $1.22 so the difference over the year is very significant for UK buyers looking to buy a home in the Caribbean. It means their purchasing power has improved significantly meaning they can now get more for their money, since the Caribbean currencies are pegged to the US dollar.

Analysts said a contributing factor in the move in the pound versus the dollar was due to a disappointing U.S. employment report.

The UK’s economic revival is meanwhile being tipped to step up a further gear when the third phase of economic reopening takes place. Foreign exchange strategists at Citi say they see momentum as being likely to extend as Sterling was able to hold onto the recent “robust gains”.

 

For those looking for help and advice in looking for a home in the Caribbean, please contact One Caribbean Estates on email: [email protected]

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