Florida set to be bargain spot of 2010

Property investors looking for a bargain should head to Florida in 2010, it has been suggested.

A report by Winkworth International has predicted that confidence will return to the US market, causing house prices to improve as the year continues.

According to Charles Peerless, director of Winkworth International, UK buyers will be able to capitalise on the recent slowing down of the market, with luxury homes now available at low prices.

Meanwhile, Sean Snaith, economics professor and forecaster for the University of Central Florida in Orlando, said: "For international buyers, 2010 will be a great time to buy in Florida.

"The imbalance of supply and demand puts the buyer in the driving seat … large inventory, pricing power and the continuing weakness of the dollar when compared to other currencies mean awesome deals in the housing sector," he concluded.

Recent figures released by RealityTrac show that foreclosures reached an all time high in the US during 2009, with Florida, Nevada and Arizona the worst hit states.