You are here: Home - Mortgages - Buy To Let - News -

Move quickly to bag a US property bargain

Written by:
There are well-priced properties on offer in the States, but UK investors should get their skates on, according to experts.

While France and Spain remain the most popular destinations for Brits buying homes overseas, jitters about the eurozone have helped the US into third place on the shopping list, particularly for those looking to invest.

Knight Knox International and Rightmove Overseas both report a surge in interest in US property, and the States came out third in the most recent HiFX Property Hotspots Report, after France and Spain.

The top State for many is Florida, where property prices have plummeted in recent years, with many homes being sold for less than it cost to build them. Buying a property in the US is also more affordable than it has been in 20 years thanks to mortgage borrowing rates falling to record lows this year.

But there are signs that the market is about to turn the corner, which is good news for longer-term investors who get in quickly.

Shameem Golamy, head of Rightmove Overseas, said:

“When it comes to those buying purely as an investment…there is some evidence that the volatility of the eurozone has pushed them further afield to locations such as the USA, where there are signs that the property market has turned the corner, and where they can benefit from a true ‘hands-off’ investment at a very good price.”

Richard Way, editor of the Overseas Guides Company, said:

“When it comes to the USA, it’s very much about the time being right. Florida is attracting more British buyers, but this is very different to owning a second home in say France or Spain. These buyers have been waiting for the right time to buy, and with prices generally thought to have bottomed out in the Sunshine State, they’re dipping into the market now. It’s a promising sign when billion dollar equity funds are buying up swathes of heavily discounted property in the state.”

Jeremy Knight from Knight Knox International, added:

“With stock still available at under-build costs, the USA, and Florida in particular, is proving to be an outstanding bargain for holiday home buyers at the moment. Investment homes are also extremely popular in Tampa, Orlando and Fort Myers, due to the large amount of condos and apartments available, located close to attractive facilities, amenities and attractions, in addition to being pre-tenanted, offering investors immediate returns on the property.”

BuyAssociation has compiled a Homes Abroad Report, containing analysis of the overseas housing markets and including comment from leading industry experts.

Click here to access the report in full.

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Everything you wanted to know about ISAs…but were afraid to ask

The new tax year is less than a fortnight away and for ISA savers or investors, it’s hugely important. If yo...

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week