Expert: us property market full of 'great deals'

Brits looking to invest in a second property may be tempted to transfer money abroad and extend their search to the US following one expert's comments.

Director at Mayfair International Realty Annette Reeve explained how the American housing market has improved and gaining access to a mortgage is easier than it was previously.

However, it was noted that many buyers are using a lump sum of cash to make a purchase or using inheritance money to fund an investment.

Ms Reeve described how there are a number of bargains to be had in the US, with areas such as Florida offering foreclosure properties for around £32,000.

"You can't knock that sort of price," the expert remarked, adding there seems to be an increase in the number of people looking to find somewhere overseas.

"They might not make a killing on it, but it is actually a nice place to put their money and they will get some family enjoyment out of it," Ms Reeve commented.

It was suggested that many individuals have concluded that they may as well buy a second home and carry out renovation work in order to make a return on their investment.

Even if it proves difficult to sell the property once it has been refurbished, Ms Reeve claimed purchasing a property in the US can prove fruitful, as it can be used as a family holiday destination.

Her comments follow a recent report from the National Association of Realtors, which revealed the sale of existing homes declined in America during February.

The total slipped by 0.9 per cent from the upward trend in January, but remained well above the figures for the same period the previous year.

Source: HiFX