US property market attractive to Britons
Britons looking to invest in overseas property could be seeking to take advantage of the US housing market, where there are some attractive homes at good prices at the moment.
According to Marc Da-Silva, editorial director at International Estate Agent Today, the US is now close to the bottom of its financial downturn, which may make it a good time for an individual to move into the market.
He highlighted the fact mortgage rates are extremely cheap for people who are in a position to access mortgage finance and affordability levels are at an historic high in some parts of the US.
"In relation to average wages, average property prices look cheap and certainly in some parts of the country, property prices look as though they are on the road to recovery," said Mr Da-Silva, who noted the low base is due to property prices having "plummeted" over the course of the past five years since the start of the recession.
Factors such as the availability of cheap mortgages, property prices being low in relation to wages and consumer confidence sentiment generally improving mean parts of the property market in the US are currently "extremely attractive" to people in the UK.
"Ultimately, currency matters when buying a property overseas. Any significant hike or fall can impact dramatically on the purchase value," said Mr Da-Silva, which may mean individuals time their online money transfer carefully to ensure they do not lose out as a result of changes to what currencies are worth in relation to each other.
However, he urged those who are considering making a purchase not to worry too much about currencies and instead move quickly if they are confident they are in a good position to do so.
Annette Reeve, director of Mayfair International Realty, recently noted that people who are moving to the US need to be prepared for the number of different charges and taxes that will have to pay if they buy a US residence.