Brits take advantage of US downturn

British property investors are increasingly taking advantage of bargain prices in the US, new research has revealed.

Nearly one in three US real estate agents reported working with customers from other countries, while almost half of those worked with three or more international clients, according to the National Association of Realtors (NAR).

US real estate agents, particularly in Florida, are reporting more enquires than ever in the UK - with most investors wanting to buy property to use as a holiday home, and then rent it out for the rest of the year.

A spokesman for the NRA said: "With the sinking dollar the trend has become stronger as foreigners, especially Brits, try to take advantage of sagging prices, particularly in Florida and California, the states they find most desirable."

In a NatWest report in 2006 it was estimated that over 200,000 Brits left the country to live abroad - with the figure expected to continue to rise.

Overseas Property News posted on 11/07/2008 08:00:23