Sterling boost for US buyers

The pound has surged in strength against the US dollar, something that could help make it cheaper to invest in property across the Atlantic.

Sterling rose above USD1.65 due to the publication of positive economic data showing a new rise in manufacturing orders in the UK, suggesting economic growth may be returning.

Credit Suisse economist Neville Hill told the Daily Telegraph: "This rise in industrial production provides the most conclusive evidence yet that the UK economy is out of recession."

Such a boost may enable sterling to gain further ground against its US counterpart, helping to make property buying in the US easier.

The news comes at a time when the US property market has been showing signs of recovery.

National Association of Realtors figures for August showed a 3.2 per cent rise in pending home sales, while the Standard & Poor's/Case-Shiller Home Price Indices revealed that in the largest ten cities in the country home values had risen by 1.4 per cent in the year to June.

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