US tipped as best place for bargains

Bargain hunters among property investors should look to the US for cheap deals, an expert has said.

Commenting on the latest Global House Price Survey figures from Knight Frank, head of research at investment firm Property Frontiers Christopher Chadd argued it is no bad thing that across the world average values tend to be down on their level of a year ago.

This shows that they are able to correct themselves, instead of continuing an "unsustainable" upward trajectory.

Such a situation has created many opportunities across the Atlantic, he observed, stating: "The US is the epicentre of the global property crash and where the best deals are to be had.

"Look for discounted stock in areas where the economy looks set to recover quickest," Mr Chadd added.

Many of those bargains have been generated by foreclosed property, where repossessed homes have been sold on by lenders at low prices.

October alone saw over 332,000 foreclosures, housing data firm RealtyTrac revealed this week.

However, this represented a three per cent dip from September and was the third successive month in which the tally had fallen, suggesting the situation is starting to improve.

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