Recent falls in the value of the pound against currencies such as the euro and the dollar will soon reverse, an expert has predicted.

Chief economist at foreign exchange brokerage World First Jeremy Cook said: "The overall feeling for 2009 is that there will be a pull back from the edge of a stronger sterling."

Such comments may be welcomed by those keen on buying overseas property, who have recently seen sterling fall to record low levels against the euro and drop from about $2 per pound to approximately $1.50.

World First’s projection for the value of sterling against these currencies is for a progressive improvement in the coming months.

In three months time, for instance, overseas property buyers will be able to benefit from a dollar value of $1.60 and a euro of €1.23.

This is despite the projection anticipating further cuts in UK interest rates.

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