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Buying property in the US 'remains popular'

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Buying property in the US 'remains popular'

Foreign money transfers to the US may still be in demand as, according to one expert, there is continued interest in property in the country.

Paul Collins, editor of BuyAssociation, said traditional areas, such as those in Florida, are still proving popular among overseas property buyers.

Indeed, these regions enjoy a high influx of tourists, which means there are still plenty of opportunities for those buying holiday homes, for example.

His comments come after figures from the National Association of Realtors showed that existing home sales un the US fell in May.

Compared to April, sales were down 3.8 per cent to 4.81 million, while on an annual basis they fell 15.3 per cent.

"There is still strong interest in the US market," Mr Collins insisted. "Buying property in the US still remains popular and could still be very profitable."

However, he advised those planning an investment to take a long-term view.

"Investing in property in the US is now a short-term solution," he remarked. "Now is potentially a very good time to buy if you get the right kind of deal."

The weak foreign exchange rate for the pound at the moment means anyone purchasing US property now needs to find the best deal possible.

In the last month sterling has fallen against the US dollar, recently dropping below $1.60 for the first time since April.

Chris Canning, a currency analyst at First Rate FX, said favourable exchange rates can make a "big difference" to foreign property buyers and can greatly influence purchasing behaviour.

"What people generally do is wait until the rates are slightly higher again and then they go through with the purchase," he stated.

Keeping an eye on exchange rate fluctuations and locking in a favourable rate for an overseas money transfer could help buyers in the US market save considerable sums on their purchase.

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