Twitter Facebook RSS FEEDS

Now a 'good time' to buy in America

Thursday, 3 July 2008 12:00 AM

British investors are becoming increasingly aware now could be a good time to purchase property in America, according to RightmoveOverseas.co.uk.

With the Green Back weakening against sterling - today trading at 1.98 dollars to the pound - and average property prices spiralling downward in the states, savvy Brits are looking toward the market.

"We are seeing that enquiries across the US are more than 40 per cent up on last year, and that's in an environment where there is lots of talk about house prices in the UK, and lots of talk about the credit crunch," explained Carlo Walther, head of business development for RightmoveOverseas.

However, the market in the US may not have reached rocked bottom and could leave investors open to loss if it falls further.

The S&P/Case-Shiller Home Price Index - the most respected gauge of American prices - finds the ten city composite of average prices was down a record 13.6 per cent in February this year, compared to the same point last year.

House prices in Las Vegas and Miami were down 22.8 per cent and 21.7 per cent respectively.

Yet, this is not deterring investors.

"The general public is seeing that now is a good time to buy in the US. One reason is because the dollar against the pound is almost two to one, and the other thing is that there has definitely been a correction of prices in the US," continued Mr Walther.

"In some areas, Florida being one of them, prices have come down by almost 30 per cent. So people are saying that it's almost a double-whammy, if you like. Now is the time to buy, and we are seeing that from activity on the site."

In Florida - long a popular overseas investment hotspot for Brits - it is Orlando which remains the frontrunner.

"The theme parks in Florida are the most visited attraction in the US, and so yes - a lot of buyers are looking for both a holiday home but are also looking to rent that property out when they're not using it. So yes, the obvious place for that is the Orlando area," added Mr Walther.

"Orlando kind of dominates it."

Chris O'Toole

Related stories

Conditions are right for buyers, if they have a decent deposit

With a decent deposit, 'now is a good time to buy'

Now is the best time to buy house - but only if you have a decent deposit, according to MyMortgageDirect.

 Quarter agree now is 'good time' to buy

Quarter agree now is 'good time' to buy

Quarter agree now is 'good time' to buy
Active buyers numbers tend to fall during winter months. Image:Thinkstock

Turning winter into a good time to sell

Thinking of selling this winter? The National Association of Estate Agents has some tips.

 Building at sunset

Buy Now, Pay Later development sites revealed

Grant Shapps has announced the six sites which are being released by the Homes and Communities Agency so new homes can be built.
Despite affordability, the number of loans is down. Image: Thinkstock

Good news and bad news for first-time buyers

Mortgage payments most affordable since 2004 but number of loans down and average deposit still 20 per cent.

 New home

Policy changes 'good news for first-time buyers'

More affordable starter homes could potentially be built in rural areas, under changes to government housing policies.
Parents are increasingly put upon by their children's financial needs. Image:Thinkstock

Bank of Mum and Dad now worth £39,000

Parents prepared to dig deep to help their children on to the property ladder, says PrimeLocation.com.

 Interest in US property has been on a steady upward climb

America surprise second choice for buyers

America has leapfrogged France to become the second most popular overseas property destination in the world, according to a report from TheMoveChannel.com.
Buy to let could be on the up

Investors eye more buy to let properties

Buy-to-let investment set for expansion on back of rising tenant demand and rents, says Assetz.

 Some property investors enjoying good times

Long-time property investors 'have never had it so good'

Long-time property investors 'have never had it so good'

Search property

Headlines

Directory

Alaris

Alaris Logo
Alaris specialise in quality Bathrooms and Kitchens along with many other unique products for your home. The range of kitchens, kitchen worktops and bathrooms is extensive and the highest quality so you are sure to find what you want. New bathroom furniture, bathroom suites, taps, showers and cabinets are added regularly.

Bathrooms365

Bathrooms365 Logo
Bathroom365 supply all areas of your new bathroom - leading-edge designed bathroom suites, stylish bathroom taps and showers, all styles and forms of shower enclosures and a vast collection of bathroom furniture.

Fitmykitchen

Fitmykitchen Logo
Fitmykitchen are specialist suppliers of kitchen appliances, sink taps, waste bins and furniture. So whatever you want from kitchen sink taps to waste bins look no further than fitmykitchen, UK, the specialist suppliers of kitchen appliances, stainless steel sink taps, waste bins and kitchen furniture.

MyStampDuty

MyStampDuty Logo
We help people buying property all over the UK to minimise Stamp Duty Land Tax on residential and commercial property. If you are looking at purchasing a new home or business premises over £500,000, contact us today by completing the form on the right

Oak Furniture Land

Oak Furniture Land Logo
For hardwood furniture, including Solid Oak, Mango, Mahogany, Sheesham, Acacia, Ash and Birch, look no further than Oak Furniture Land.

Rated People

Rated People Logo
Whatever type of home improvement or garden remodelling project you have, Rated People can help you to identify the right tradesmen for the job in a way that is quick, easy, convenient and, as it is based on real-life recommendations, trustworthy.

Residential Land

Residential Land Logo
If you are looking for short or long term rentals in Central London, Residential Land have a portfolio of over 1200 flats and houses in the best postcodes across the Capital.

Simply Bedrooms

Simply Bedrooms Logo
Simply Bedrooms, a part of Sleepwell Bedrooms Ltd, supplying quality beds, wardrobes, sliding door wardrobes and bedroom furniture at low prices and great service, London and Home Counties Specialists.

Door Handles UK

Door Handles UK Logo
Door Handles UK is the UK's largest online range of Door Handle accessories, Door Hinges, Locks and Latches and so much more and all at genuine internet prices. We have a wide range of Chrome, Brass and Glass Crystal Mortice door knobs in both traditional and contemporary designs, whatever your taste and budget you will find a design to suit.

Woodlands Furniture

Woodlands Furniture Logo
We are an established family business situated in rural Herefordshire specialising in beautiful handcrafted classic reproduction furniture. Our comprehensive ranges are readily available from stock.

WowBBQ

WowBBQ Logo
Welcome to the World of Weber. We are the largest independent online Weber BBQ retailer in the United Kingdom. WOWbbq.co.uk is a Weber Partner Store and can give you the best advice for all your Weber BBQ needs.

Join our directory aboutproperty.co.uk

Twitter

Join the conversation at #aboutproperty

Directory articles

A guide to finding the right kitchen sink

When redesigning a kitchen or giving the room a makeover, it is important not to forget about the less obvious aspects of the space. Kitchen sinks are an essential fitting, but often overlooked, despite the fact there is a wide choice of styles available.

Useful tips to help find a flat in London

Looking for flats in London can be a frustrating process, given the capital's size, demand for rental accommodation and varying prices. It is vital, therefore, that you do plenty of research and act quickly to ensure you get the place that you want.

What do you need to consider when buying a mattress?

If you looking for a new mattress, you need to get the decision right, as getting it wrong could impact on your overall health and wellbeing. As well as comfort and size, you also need to consider other points, such as any health issues you may have.