On Thursday the European Central Bank announced that it will inject at least 1.1 trillion euros into the economy of the Eurozone resulting in the international currency markets to invest heavily in sterling and the US dollar. The result has seen the UK pound soar to its highest level against the euro for seven years.
One pound is currently worth almost 1.35 euro, meaning that purchasing power in Spain has increased by 5% since 1st January and around 12% since April 2014. The euro has also fallen to its lowest rate in eleven years against the US dollar.
As a result, Spanish property has become extremely attractive to the British who hold sterling. For most British nationals, Spanish property has become significantly cheaper than it has been for many years. Tourism and travel to Spain has also become more attractive as British nationals receive more Euro for their sterling. Furthermore, interest rates in Europe have remained low, encouraging Brits to borrow in order to finance second homes in the sunshine.
Filed under: http://www.theleader.info/article/46318/
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