US attracting "Focused investors"

The US property market has seen an increase in the number of expats making money transfers to mortgages for distressed properties, according to industry experts.

Rightmove.co.uk recently explained that UK emigrants were taking advantage of the fall in house prices overseas.

Figures from Standard & Poor's/Case-Shiller show that over the last 12 months, the value of property in the US fell by 20 per cent.

Robin Wilson, head of overseas at the portal, stated that some expats prefer to make money transfers to distressed properties in order to see a larger return on their investments when the credit crisis eases.

"The states of California, New York and Illinois showing positive upward trends," he said.

"More focused investors are zeroing in on distressed sales and bargains."

Meanwhile, Mayfair International Realty recently revealed that Miami was a popular location for expats due to its flight connections to the UK.

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By Linsey Summers.