Property bargains in US as dollar weakens
The Telegraph reports on how there is a great opportunity fro Brits going to the US to buy property
Falling American property prices and a historically weak dollar have combined to offer Britons a host of transatlantic bargains in the midst of the financial crisis.
Credit crunch to last until 2009, says Treasury
Houses and holidays in the US have fallen significantly in price, meaning thousands of British investors who bought there over the past couple of years have lost money.
In parts of Florida, developers have cut condominium prices by up to 40 per cent since the credit crunch hit last summer.
However, the financial turmoil has opened up an opportunity.
Matt Glazier, the head of international developments at Winkworth, the London-based estate agent, said property deals were there for the taking.
“In Tampa we have got a development where the developers are already slashing prices by 30 to 40 per cent compared to a year or even eight months ago,” he said.
“There’s nothing wrong with the people or the developments, but they just built too many.
“If we go to the developers with any offer, they will take it - that’s the reality.”
In Tampa on Florida’s Gulf coast, sea-view two-bedroom condominiums that were selling for £240,000 have come down to £200,000 in the past few months.
Repossessed properties in Miami, including beachfront homes, are being sold for half the market price of a year ago.
The $2 pound is also favouring travellers, especially with sterling buying little more than €1.25 on the Continent.
While many American and Caribbean package deals are not as cheap as last year, travel agents said excellent prices were available.
European breaks have got proportionately more expensive.
Research this month showed that average hotel prices last year were £83 a night in France and £79 in Spain. Since then the pound has weakened considerably against the euro, further pushing up prices.
