The market is ripe for British buyers looking to purchase property in the US, with perennial favourites such as Florida set to become hotspots in 2014.

A combination of sterling’s strength against the dollar and rising US mortgage rates mean that British cash buyers are in a particular position of strength relative to their US counterparts.

British buyers using UK mortgages also have an advantage.

Richard Way, of The Overseas Guides Company said:

“Rates have risen a full percentage point since May, peaking in August at 4.6%, after the Federal Reserve signalled it might slow its bond purchases by year end.”

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He added: “At the start of December, the average rate on a 30-year loan jumped to 4.46% from 4.29%, while the average on the 15-year fixed loan increased to 3.47% from 3.30%.

“Meanwhile, sterling continues to hover around a two-year high against the dollar, with the exchange rate holding at around £1/$1.63.”