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Strong pound 'good news for investors in US property'

Article Date : Monday, May 14, 2007       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

Florida and New York remain the best places in the US to invest in property, a spokesman for Buy Association has said.

According to overseas property editor Paul Collins, the strength of the UK pound means that it is likely that British holidaymakers will flock to popular destinations across the Atlantic.

He said that investors in holiday homes and apartments are likely to profit, especially if they advertise their properties to tourists.

"Florida has always been a popular destination for UK buyers, and this is likely to continue regardless of exchange rate fluctuations," Mr Collins remarked.

However, he said the "happiest owners" will probably be people who own short-term lets on Manhattan "as British bargain-hunters pack onto flights to the Big Apple to snap up goods that have suddenly become much cheaper".

Last month, sterling was at its highest level against the US dollar since September 1992 and was about 20 per cent above its 20-year average of 1.65 USD.

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