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Overseas property buyers 'can find amazing bargains in US'

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Overseas property buyers 'can find amazing bargains in US'

More overseas property buyers in the UK could be set to transfer money online to the US after the country was flagged up as a good option to consider.

According to Liz Rowlinson, editor of A Place in the Sun Magazine, there are some "amazing bargains" on offer in various parts of the country.

Florida was identified as one location where good prices can be found, along with anywhere that has a relatively high level of repossessions.

However, Ms Rowlinson acknowledged that there are differing views on whether the property market in the US has bottomed out yet.

Indeed, she said some people in the country believe the bottom of the market has not been reached yet "because there are all these repossessions in the pipeline that haven't surfaced, which might actually drag the market down a little bit further".

"Other people are saying that the bottom of the market is where we are at now and prices aren't going to fall further," Ms Rowlinson commented.

Orlando was identified as a particularly good location for overseas property buyers, since there are a large number of villas located in this area. As the market is saturated, investment buyers may not necessarily see it as a great option if they are keen to see capital growth, but lifestyle buyers could pay around £100,000 for a three-bedroom villa that comes with a swimming pool.

"It is a lot for your money," Ms Rowlinson observed.

Nevertheless, she acknowledged that exchange rates between the US and the UK could put some people off purchasing a property in the country. Ms Rowlinson said the US dollar is "quite strong" at the moment, which may potentially deter sterling buyers in Britain.

This comes after Barings Asset Management stated that recent figures regarding the American economy have been better than many analysts had expected.

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