US property market 'popular as prices fall'

A significant number of Brits have shown interest in making a money transfer to the US and purchasing property, according to one expert.

Adam Samuel, director at Nubricks.com, described how the American housing market has fallen "considerably" in recent months, which may have prompted the rise in enquiries.

He explained that areas such as Florida have seen the price of property drop significantly and over the past 12 months many UK residents have considered taking advantage of the market.

"A lot of people are looking around and a lot of people are searching," the specialist stated, but he added that fewer individuals are actually making purchases.

"Obviously with the economic climate being as it is and people worrying about the eurozone and the American debt ceiling, it has meant that quite a lot of investors have just kept hold of their money," Mr Samuel claimed.

It was noted that the last year has seen interest in US property remain "fairly consistent" even though some areas have seen dramatic drops in prices.

According to Mr Samuel, the recent apparent stabilisation of the market can be linked to the increase in investors entering the market, which forces costs to increase slightly.

Commenting on whether this is set to be a long-term trend, the expert said it "remains to be seen", but added that it is definitely a positive move for the marketplace.

Mr Samuel's advice comes after Standard & Poor's and Case-Shiller released the results of their monthly index.

It revealed that US house prices on the ten city composite index increased by 1.1 per cent in May.

However, this was a 3.6 per cent drop when compared with the same period in 2010.

Posted by Chris Barber

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