US property market proves hit with bargain hunting Brits

While Spain and France remain the two most popular destinations for Brits buying abroad, making up a combined 60% of all international searches for property in July, it is the US market which recorded the greatest increase in interest over the last year – with searches up by 125% on July 2008, according to Primelocation International’s Search Index.

Interest in the USA is continuing to grow, with the proportion of property searches in the country increasing for three consecutive months. The USA now makes up 16% of all international searches and the number of searches in July was up over 125% on July 2008 and 23% since June 2009. The renewed interest is likely driven by the low property prices still available and wider reports that the market may now be bottoming in key areas.

Ann Wright, International Development Manager of Primelocation International, comments: “While activity is still significantly lower than it was in 2007 when international property prices were at their peak and consumer confidence was soaring, the last couple of months have seen a gradual improvement, with buyer interest beginning to return.

“The USA in particular is starting to come back into favour with British buyers, who are keeping an eye out for bargains in the traditionally popular regions such as Florida. Buyers are tempted not only by the low priced property still available, but also by reports cautiously suggesting that the worst may now be over, making now a good time to buy, as well the pound’s continued historical strength against the dollar.

“Although some of the less traditional markets such as Croatia and South Africa have seen spikes in searches since the beginning of the year due to local political, legal and economic factors, buyers are generally increasing their loyalty to the three favourites of France, Spain and the USA, as the first signs of stabilisation begin to appear.”