As the recovery of the property market continues to improve, overseas investors are showing a keen interest in the US where the display of growth continues to outshine the UK market.
Despite both the UK and the US having seen a rapid decline in house values during the recession, the US property prices have been on the increase for the last six months in a row, rising by 6% between October 2011 and October 2012. In addition, there has been a reported 40% rise in the number of properties sold for over half a million dollars compared to last year.
These signs of recovery, particularly in comparison to the UK where minimal growth has been seen, has attracted interest from overseas investors who are tempted to buy at lower costs and sell when the time is right.
According to experts, the recovery comes as mortgage rates are set to remain low. This is protecting existing homeowners and also encouraging first time buyers to invest.
The continued growth of the overall US economy will also decrease unemployment, which in turn will boost property sales. With many properties having been abandoned, there is a prediction that building companies will also begin to benefit from the new demand for housing.
In particular, the affluent area of Florida has attracted an influx of investors and has seen property sales increase at a rate unheard of in any other state. Between August 2011 and July 2012, Florida benefited from an impressive 57% of buyers.
