'Low house prices may stimulate money transfers'

Falling property prices in the US may boost the number of expats making money transfers to the country, according to industry experts.

Real estate portal Homesgofast.com recently made the claim in light of Federal Housing Finance Agency (FHFA) research.

Figures from the study show that in some areas of the US property prices have reduced by 4.2 per cent in the last year.

Nicholas Marr, chief executive of the portal, stated his belief that now is an ideal time for expats to purchase new homes in states such as Florida.

"Many have planned over a lifetime to retire or buy a house in Florida. For them it's like winning the jackpot," he said.

"True recovery is likely to be felt when unemployment falls and wages start to rise, but in the meantime it's a great time to buy."

Further figures from the FHFA reveal that the south Atlantic has seen property prices fall by 5.6 per cent this year.

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By Linsey Summers