Sterling rise may boost US property buyers

Britons looking to convert pounds to dollars to buy US property have had a boost this week as the exchange rate has improved.

Yesterday saw the pound pass USD1.60 in value for the first time in seven months, although today has seen sterling fall back just below this figure.

However, such figures are still in contrast to the situation over the winter, when the pound fell in value to the extent that it dropped below USD1.40 in January.

Such a situation may help those looking to acquire property in the US, as it will increase the purchasing power they have.

Those buying foreclosed property should appoint an appraiser to check out properties before they part with their funds, real estate firm Findire.com has said.

It stated that this should be done to ensure everything is in working order such as utilities, since there is no obligation on the seller to ensure this when a property is foreclosed.