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  • Property-a-holics

    Buy or wait for UK home?

    Some may think I'm crazy but I'm looking to move back to England (Central/West Midlands, non-city location) in the next year or so and currently do not own property there.

    Given the current political/economic climate wave your magic wands and predict when is a good time to spend USD on a UK home. 

    Good exchange rate right now and house prices flat but Brexit means...?

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    I wish I  knew.  I'm in the process of selling my UK home and am going round in circles re whether to buy another (I live in France).

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    Where in France some family have just sold up there in labisie as they were saying living costs are getting really expensive compared to when they first went

    No idea why they left that life tho so much more relaxed and probably enjoyable compared to UK
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    Unfortunately, my crystal ball has gone a bit cloudy.

    I always revert to the saying - "It's not timing the market , it's time in the market".


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    Well we could get bogged down in political debate, and indeed any rise in the £ could easily be offset by a Labour government stated policies.

    So instead you have to look at efficient markets theory in that all that is known is already in the price/exchange rate, so it is simply not possible to do anymore than split your currency conversion into stages so say convert 50000 us now, 50,000 once you have found a place for instance and thus spread the risk.
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    The exchange rate is always a difficult one to guess. But with US V GBP  its probably as good as time as any to buy pounds. The rate has moved a lot and could go lower but its a gamble.

    Anyway you would be buying a house with what could be consider a big discount taking into consideration the exchange rate.

    Why not buy some pounds now and slowly add if the exchange rate moves further in your favour.

    As far a property is concerned they could well become cheaper over the next 12/18 months so you could well be in a win win position. Don't be greedy on the exchange rate as this could turn around on a penny very quickly.

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    Yes, I agree it's at least a good time to buy sterling. I no longer have a UK bank account as I've been overseas for so long and let it lapse- not my finest move. I am now finding it difficult to open an account there in order to transfer some of the funds across and take advantage of current exchange rates. Any ideas? TIA!

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    I don't know where you are , but where you bank now don't they have foreign currency accounts many do. Or if your current bank has offices in the uk get them to open an account here for you or if not find out who they use as a correspondent bank and try that route.

    Many banks will have correspondents banks in different countries that they use for money transfers etc.

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    I'm in Panama. My local bank here is fine for the basics but definitely do not have a UK presence. They used to be owned by HSBC until sold to Bank of Colombia. I will reach out to my manager there and see if she can shed any light on the options you kindly mentioned. Thanks Douglas.

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    Surely there are banks out there that can open a Sterling account? Much in the same way banks here can open a USD deposit account? I'd be very surprised if you couldn't.

    There are plenty of offshore banks that you can hold multiple currency accounts under the same principle account. If you want details of one let me know. That should at least keep you in Sterling until you decide to come back.

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    The banks here that I have spoken with including my own only offer USD accounts in overseas currencies. The issue I am facing with international banks is that they don't like to accept residents of Panama as clients. Given that Panama City is one of the largest financial hubs globally it's very frustrating. Add to this that as I live out on the Caribbean islands and therefore without a physical residential address it's seemingly impossible. I may try Monzo as an option and see if they have the same stringent qualifying criteria.

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