Florida, with its tropical climate and sun soaked beaches, has earned its nickname 'The Sunshine State' and remains the hotspot for British overseas property buyers in the US.
Thousands of properties come up for sale in Florida every year with apartments in Orlando starting at just £21,000 and large four-bedroom suburban villas starting around £160,000.
Although the property market has softened somewhat in the last year, the comparative low prices mean great value for overseas buyers and investors. UK property buyers benefit twice by taking advantage of the weakened dollar and lower property prices.
The lower the value of the dollar to the pound, the cheaper properties in Florida become for UK buyers. A drop in the dollar’s value of only 10 cents, from $1.80 to $2 to the pound, means a real-term saving of over £5,000 on an American property valued at $100,000 – and most properties purchased by UK buyers cost substantially more than that, leading to correspondingly greater savings.
This presents a fantastic opportunity for UK buyers investing in US property.
Buying a property in Florida at today’s rates and, crucially, securing the currency price as well, can mean there is real potential to make as much profit on the currency conversion as on the property itself.
Chris North, Chairman of Superior Worldwide says: “Currently throughout the USA there is a general marked downturn in the housing market. However, there are pockets throughout the country where sales are continuing and often for obvious reasons. Florida is no exception, houses are proving hard to move, where the market still seems to be buoyant is in specialised investment property – resorts, golf-orientated, beachfront communities. Here there is a healthy volume of sales and prices continue to rise against the trend.”
The Florida housing market is definitely a buyer’s market with supply far outstripping demand and those selling property here are knocking down their asking prices in order to secure sales.
The real estate industry in Florida is highly regulated and financing Florida properties is considered easier than in other emerging markets.
To take advantage of the favourable exchange rates when buying overseas property, fixing the rate for a future date is advisable. By fixing the rate, you ensure a great rate when starting the buying process, and when paying the final amounts upon completion. With some off-plan properties taking several years to complete, this offers peace of mind property investment.
Investing in Florida now means gains in the long term – property is great value for money at the moment for UK property buyers and investors looking to expand into the US market or for those just looking to find that perfect holiday home in the Sunshine State.
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