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Juicy pickings for UK buyers in Florida

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Florida holds sweet offerings for UK property buyers, thanks to exchange and mortgage rate movements.

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.”

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.”