Prospective US and South African visa holders to benefit from strong pound
August 24 2009 by Matt Jones
Move to South Africa where pounds buy more
Currency exchange specialist HiFX says the strength of the pound sterling is expected to increase over the coming months, making it easier to save up to move abroad.
Based on the indications that the UK will begin to emerge from the recession as the year continues, HiFX’s Marc Cogliatti says the pound will gain strength. This will make a move to South Africa, Australia or the US, where the cost of living is much lower, even more attractive.
Speaking earlier in August, David Clements, senior analyst at Caxton FX, echoed the prediction that the pound will continue to strengthen against the dollar. He said, "over the medium-term we are forecasting for sterling to continue to gain against the greenback, particularly if banks and blue-chip stocks show renewed strength."
Emigrating seems increasingly feasible when the pound is stronger against the currency of Australia, Canada or South Africa, as the money held in the UK is worth more abroad. As a result, selling a modest house in the UK, often means being able to buy a large house with a pool in a country with sunnier climates. As a result, the numbers of people applying from the UK for an immigrant visa are expected to rise.
Cogliatti explains: "Things are pretty encouraging and overall that will continue to allow the pound to appreciate against the vast majority of its counterparts. However, the pound is less likely to gain significant strength against the Euro, making a move further afield more sensible for prospective migrants who want to stretch their pound further."
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