Property purchasers 'looking further afield'

People who are looking to invest in property appear to be looking further afield, it has been suggested.

Nick Marr, chief executive officer at Homesgofast.com, said that volatile foreign exchange rates are putting people off the eurozone.

He explained: "Volatile foreign currency rates and housing markets as a result of Portugal's bailout and rumours of Spain and even Italian economic difficulties, have led to investors looking further afield."

The comments follow the latest foreign property index from Rightmove, which found that searches for overseas properties increased by 1.2 per cent in March this year.

According to Mr Marr, people are looking towards areas of the US for property.

"I think this year is one of stability with some regions, such as Florida, reaching the bottom of their price declines and some neighbourhoods [seeing] small increases according to demand," he added.

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Posted by Sarah Pitton