Is now a good time to buy euros? With GBP/EUR at 1.1991 on 5 November 2026, close to its highest level since March 2025, euros are cheaper in sterling than for most of this year. Our forecast range is 1.18–1.22 to the end of December 2026 and 1.16–1.23 to the end of March 2027. For property buyers, expats and businesses making large payments, the bigger question is not catching a perfect rate but managing the risk of the market moving against your deadline.
This guide is for anyone buying euros: purchasing property in Europe, relocating, paying a supplier, or repatriating funds. It covers where GBP/EUR sits today, what could move it, and the practical strategies euro buyers use to protect their budgets. For the full rate outlook and month-by-month history, see our pound to euro forecast.
Why are so many people asking if it’s a good time to buy euros?
Because the pound has climbed more than three cents against the euro since late September, and anyone with a euro payment ahead is weighing whether to lock that in or wait for more. The situation usually falls into one of four categories:
- Buying property in Spain, Portugal, France or Cyprus
- Relocating overseas
- Paying an international supplier
- Repatriating funds from abroad
Exchange rates rarely move in straight lines. A 2% move on a €300,000 purchase changes the sterling cost by about £5,000 at today’s rate, which is why timing, and a plan to manage it, matters for anyone buying property overseas.
What is happening with GBP/EUR right now?
| Measure | Level | Context |
|---|---|---|
| GBP/EUR | 1.1991 (5 November); 1.1988 (6 November) | Up from 1.1622 on 25 September; 1.1993 on 30 October was the highest since 28 March 2025 |
| EUR/GBP | 0.8339 (5 November) | The same rate, inverted |
| Bank of England Bank Rate | 4.00% | Raised 5 November (8–1); next decision 17 December |
| ECB deposit rate | 2.50% | Held 29 October; next decision 17 December |
| Rate gap | 150 basis points | Up from 125 before the Bank of England’s rise |
Interest rates explain most of the move. The Bank of England raised Bank Rate from 3.75% to 4% on 5 November in an 8–1 vote, its first rise since 2023, and expects UK inflation to reach about 5% by mid-2027. The ECB held its deposit rate at 2.50% on 29 October, warning that rising energy prices pose downside risks to growth, even as euro area inflation hit 4.0% in October on Eurostat’s flash estimate.
The main drivers of GBP/EUR from here are the Bank of England and ECB rate paths, UK inflation data and euro area inflation releases, and energy prices. Rates in this guide are ECB reference rates; check the live GBP to EUR rate before acting.
Will the euro get stronger against the pound?
It could. The single biggest influence on GBP/EUR is the interest-rate gap between the Bank of England and the ECB, and right now it favours sterling by 150 basis points.
The euro tends to strengthen when that gap narrows: for example, if the ECB raises rates to lean against 4% inflation while the Bank of England holds, or if energy prices ease enough for the Bank of England to stop at 4%. Governor Andrew Bailey has warned against reading the November rise as the first of a long sequence, while several MPC members see a near-term case for more. If the gap holds or widens, sterling is more likely to stay supported.
GBP/EUR forecast for the next 3–6 months
| Period | GBP/EUR (€ per £1) | EUR/GBP (£ per €1) |
|---|---|---|
| To end December 2026 | 1.18–1.22 | 0.82–0.85 |
| To end March 2027 | 1.16–1.23 | 0.81–0.86 |
| 2027 as a whole | 1.15–1.24 | — |
These are Cambridge Currencies’ ranges as at 8 November 2026, matching our pound to euro forecast. They are planning ranges, not guarantees, and rates may move either way.
Stronger pound, towards 1.22. UK inflation stays high and the Bank of England signals or delivers a second rise in December or February while the ECB holds. October UK inflation, due 18 November, is the first test.
Stronger euro, towards 1.18 or below. Energy prices ease enough for the Bank of England to stop at 4%, or the ECB raises again. UK fiscal or gilt-market stress is the other downside risk for sterling.
Which dates could move the pound to euro rate?
| Date | Event | Why it matters for euro buyers |
|---|---|---|
| 18 November 2026 | UK CPI (October); full euro area HICP (October) | A high UK reading raises the odds of a December UK rise |
| 1 December 2026 | Euro area flash HICP (November) | Tests whether the ECB will respond to energy inflation |
| 17 December 2026 | ECB and Bank of England decisions | Two decisions on one day concentrate year-end risk |
| 4 February 2027 | Bank of England decision and Monetary Policy Report | First full UK forecast of 2027 |
Is waiting for a better exchange rate usually worth it?
Often not. With GBP/EUR near the top of its 2026 range, the room for further gains to the top of our range (about 1.22) is similar in size to the room for a fall to the bottom (about 1.18). A common mistake is delaying a transfer to chase an extra cent, only for the market to move the other way.
For property completions, business payments and emigration funds, protecting your budget is often worth more than predicting the peak. The useful question is rarely “can I get a slightly better rate?” but “can I afford the risk if the market moves against me before my deadline?”
What are euro-buyers doing in 2026?
Many are avoiding all-or-nothing decisions. Rather than exchanging a large sum on a single day, they spread the risk: staging transfers, setting rate alerts, and using a forward contract to fix the rate once a purchase is agreed.
Take an illustrative buyer completing on a €420,000 villa in eight weeks. At 1.1991 that costs about £350,262, and a 2% move either way would shift the cost by roughly £7,000. Fixing most of the amount forward when the offer is accepted, and leaving a smaller portion on a target rate, removes the biggest unknown from the budget while keeping some upside.
Strategies euro-buyers are using in 2026
There is no single right approach: the best fit depends on your deadline, the size of your transfer and your appetite for risk.
| Approach | What it does | Best suited to |
|---|---|---|
| Spot transfer | Exchanges at today’s live rate, settled quickly | Buyers who need euros now and want certainty today |
| Forward contract | Fixes a rate for a payment up to 12 months ahead | Property completions, scheduled invoices, relocations |
| Target (limit) rate | Automatically exchanges if the market hits your chosen level | Buyers with flexible timing who want to capture a better rate |
1. Split your transfer. Divide a transfer into stages, for example a third now, a third before 17 December and the balance later, to average out market movements.
2. Use a forward contract. Fix a rate for a future payment, removing much of the uncertainty around property purchases and scheduled invoices. With UK rates above euro rates, a GBP/EUR forward is typically slightly below spot. Or settle immediately with a spot transfer if you need the funds now.
3. Set a target rate. A target rate order triggers a transfer automatically if the market reaches your chosen level, so you can act on a favourable move without watching the screen.
Worked example: a €300,000 property purchase
Here is an illustrative €300,000 purchase across our forecast range to the end of December 2026:
| GBP/EUR rate | Sterling cost of €300,000 | Difference vs 1.1991 |
|---|---|---|
| 1.1800 (bottom of range) | £254,237 | £4,049 more |
| 1.1991 (5 November) | £250,188 | — |
| 1.2200 (top of range) | £245,902 | £4,286 less |
Across the range the cost varies by about £8,340, and the risk is roughly balanced either side of today’s rate. That is exactly the kind of swing a forward contract is designed to take off the table. For larger sums the same percentage move scales up, which is why large international transfers reward planning.
Is now a good time to buy euros? What this means right now
GBP/EUR sits near the top of its 2026 range after the Bank of England’s rise to 4% on 5 November. Euros are cheaper in sterling than for most of the year, and the largest short-term risk is the pair of central bank decisions on 17 December. For most people, a structured plan of staging, a fixed rate or a target level is worth more than an attempt to call the exact top of the market.
How Cambridge Currencies can help
Cambridge Currencies is a UK specialist currency broker that works with FCA-authorised payment partners Currencycloud (FRN 900199) and ScioPay (FRN 927951), with every transfer completed by phone with a dedicated specialist, from a minimum of £5,000. Whether you are buying a property abroad, moving overseas or paying an international supplier, our team can help you:
- Monitor live market movements and set rate alerts
- Set a target exchange rate
- Lock in a forward contract for a payment up to 12 months ahead
- Speak directly with a dedicated currency specialist
Client funds are safeguarded. Thinking about buying euros for a property purchase or relocation? Request a free quote and speak to a specialist about your timeline and the right strategy for your transfer. See the wider picture in our currency forecasts hub.
Frequently Asked Questions
Is now a good time to buy euros?
GBP/EUR fixed at 1.1991 on 5 November 2026, close to 1.1993 on 30 October, its highest since March 2025. Our range to the end of December is 1.18–1.22, roughly balanced either side. Whether to act depends on your deadline and how much risk you can absorb; for large transfers, a structured plan usually matters more than the exact rate.
Will the euro get stronger against the pound in 2026?
It could, if the gap between UK and euro area interest rates narrows, for example if the ECB raises rates on 17 December while the Bank of England holds. With Bank Rate at 4% against the ECB deposit rate of 2.50%, the 150-basis-point gap currently favours sterling.
What is the GBP/EUR forecast for 2026?
Our forecast range is 1.18 to 1.22 to the end of December 2026, 1.16 to 1.23 to the end of March 2027 and 1.15 to 1.24 across 2027. These are planning ranges, not guarantees.
Should I exchange all my euros at once?
Many buyers split a large transfer into stages, for example either side of the 17 December decisions, to average out market movements rather than relying on a single day’s rate.
Can I lock in an exchange rate now for a payment later?
Yes. A forward contract fixes a rate for a payment up to 12 months ahead, which is widely used for property completions and scheduled payments.
Does inflation affect GBP/EUR?
Yes. Inflation shapes expectations for interest rates, one of the largest drivers of the exchange rate. UK CPI was 3.5% in September, and euro area inflation reached 4.0% in October; the next UK and full euro area figures are both due on 18 November.
How much difference can the exchange rate make on a property purchase?
On a €300,000 purchase, the move from 1.18 to 1.22, the ends of our range to December, changes the sterling cost by about £8,340. Larger transfers scale up accordingly.
Should I wait for the pound to get stronger before buying euros?
Waiting can work in your favour if the Bank of England raises again, but it can also cost you if energy prices ease and the pound slips before your deadline. With the pound already near its 2026 high, a structured transfer strategy helps reduce that risk either way.
