International property sales in US on the up
Improved dollar exchange rates have produced an increase in Brits buying property abroad in the US, claims Moneycorp.
According to the currency exchange broker, there has been a 23 per cent increase in the number of people buying property in the US in the past six months.
The latest home Schiller home price index revealed that property prices had improved by 3.1 per cent in the third quarter of 2009.
Deane Roe, from Moneycorp, said: "This increase directly correlates with the pound’s improved performance against the dollar, with a noticeable pickup in clients buying US dollars once the rate moved above the 1.50 level."
He added that an increasing number of people were paying in a cash lump sum rather than taking out a large international mortgage.
Figures released in November from the National Association of Realtors showed that the sales of existing houses in the US increased just over ten per cent year-on-year for the month of October.
Tax advantages for first-time buyers have been credited as the main driving force behind the increase
Written by Tom Britten.