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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

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