British investors 'shunning risky destinations'

Britons are treating the US property market as a secure and strong market in which to invest in property, an expert has stated.

Director of Mayfair International Realty Annette Reeve said the perceived weaknesses and insecurities of other markets mean that the US, despite its recent problems, is seen as a better place to invest.

She explained: "People are returning to the USA because it [has got] good property and it's a governed country. If you buy a property there, the laws in the US are very strict so you can buy with security."

Other countries, however, have provided a number of buyer "horror stories", Ms Reeve noted.

She added that the foreclosures market is providing a large supply of cheap properties, while the risk of overpaying for a home is less in the country because there is more information available in the public domain.

Last week US president Barack Obama launched a new 75 billion USD (51 billion GBP) initiative aimed at reducing the number of foreclosures in the US.

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