Foreign exchange 'adds to Florida property prices'

Prices of property in Florida may be low, but the foreign currency exchange rates mean that Brits will need to fork out extra in order to buy a home in the US state.

Dan Johnson, a director at TheMoveChannel.com, said that Florida property "has not been good from a currency perspective", following drops in the value of sterling.

However, the low prices of property in the state may allow some Brits to still find a bargain.

"The market has fallen considerably in most of Florida and the reduction is symptomatic of the fact that there is still quite a lot of stock and there are still quite a lot of people wanting to sell and that represents a buying opportunity," the property expert commented.

His comments follow reports from ZipRealty, an online real estate brokerage, which found that property sellers in Miami, Fort Lauderdale and Palm Beach reduced their asking prices by an average of almost 15 per cent between January and February 2010.

The British currency is currently worth around $1.49. However, around three months ago, one pound sterling could have bought as much as $1.65.

It is thought that continuing political uncertainty is to blame for the drops in sterling's worth.

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Posted by Sarah Pitton