US 'has good property bargains'

International bank transfers may be made to the US following one expert's comments on the country's property market for 2012.

Editor of A Place in the Sun Magazine Liz Rowlinson explained how there are plenty of "amazing bargains" to be had in the real estate sector.

She commented that potential investors may be drawn to areas such as Florida, where a large number of repossessions have taken place in recent months.

This could mean individuals are able to secure a home for a low price, as mortgage providers look to claim back money owed on the property through a sale.

One area where buyers can get a considerable amount for their money is in Orlando, it was noted.

Here, the housing specialist claimed there is "quite a saturation of villas" for the overseas market, so it is possible to get a three-bed home with a pool for £100,000.

However, Ms Rowlinson noted the current exchange rate for British investors may put some people off making a purchase.

"Unlike the euro, the US dollar is quite strong at the moment so that might be a deterrent for sterling buyers," she stated.

Ms Rowlinson commented that there is much debate over whether the US property sector has reached the bottom of the market or if prices could fall further.

"Some people are saying in the US that the bottom of the market hasn't quite been reached yet because there are all these repossessions in the pipeline that haven't surfaced, which might actually drag the market down a little further," the expert remarked.

However, a recent RE/MAX survey revealed the majority of agents questioned believe house prices in the country will stay the same or increase in 2012.

Posted by Sarah Pitton

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