US recommended to property investors

Overseas property investors have been advised to consider purchasing real estate in the USA.

According to Moneycorp, houses in the country are relatively cheap as the dollar is currently much weaker than the pound.

The organisation stated that property prices in the USA are likely to soften over the next 12 months, while sterling should remain much stronger than the dollar.

Therefore, prospective buyers have been encouraged to take advantage of the favourable exchange rates and snap up a bargain in the US.

Marc Morley-Freer, commercial director at Moneycorp, commented: "It's very much a buyer's market in the States."

However, he urged buyers to keep an eye on the currency markets when making a purchase, as exchange rate movements could affect the cost of a property.

The advice comes after Darren Styles, chief executive of Brooklands Group, said people in the UK are still very interested in buying a residence overseas.

This is despite the impact of the credit crunch on many housing markets and the negative media coverage that has come about as a result.