US tipped to attract British property investors
The US has been flagged up as a potential hotspot for British foreign property buyers.
According to Mayfair International Realty, the country could be a particularly good option for those who are keen to make a purchase for lifestyle purposes. Indeed, the group stated that while the stock market remains "very volatile" and buyers may not "make a killing" on an investment right now, the US may be ideal for those who want to spend time in the property themselves.
"It is actually a nice place to put their money and they will get some family enjoyment out of it," said Annette Reeve, director of Mayfair International Realty.
The US could be a particularly good option for investors looking to transfer money online to a foreign market as Mayfair believes a number of bargains are currently on offer.
For instance, Ms Reeve noted that foreclosures in places such as Florida are now available at knock-down prices. She noted that she was recently involved in a transaction in which a property in the Sunshine State went for less than £32,000.
"You can't knock that sort of price," Ms Reeve said.
"As long as it is not in a terrible area, they have then got something that their family can use."
Ms Reeve noted that many of those who are purchasing foreclosures at reduced prices are planning to renovate the home so it suits their individual needs and requirements. She added that obtaining a mortgage in the US is "easier than it was" for property buyers from the UK.
Figures from the National Association of Realtors show that 20 per cent of property sales during February 2012 involved foreclosures. The group's latest statistics also revealed the average price for existing homes in the US rose by 0.3 per cent last month to £97,865.