Florida market set to "re-establish itself"

Article Date : Wednesday, July 18, 2007

The property market in Florida will "start offering excellent deals" in the near future, an expert has claimed.

According to Savills International and Residential head Charles Weston Baker, the Florida market is re-establishing itself and the current strength of the pound against the dollar will begin to attract UK buyers.

Last week the pound rose against the dollar to $2.0367, the highest rate since June 1981.

"Prices will start to fall slightly and then the strength of the pound will mean that UK buyers will want to come in there," Mr Baker said.

"It's more of wait and see."

The current exchange rate has in part been a result of a slide in the US property market, Mr Baker noted, but the market will soon be "re-establishing" itself.

Meanwhile, BuyAssociation property editor Paul Collins suggested it is a "fantastic time" for UK investors to invest in US property, "especially in Florida" and other emerging markets, such as the Caribbean islands, that require property purchases in dollars.

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