Brits are the third largest group of overseas buyers in the US, with Florida being foreigners favourite state. As the dollar starts to weaken, could you be tempted to buy there?
Only the Chinese and Canadians account for more foreign property purchases in the US than British people, according to a recent survey by the National Association of Realtors (NAR).
The NAR’s 2017 ‘Profile of International Activity in U.S. Residential Real Estate’ revealed that British people spent $9.5 billion on American real estate in the year ending March 2017, more than the previous 12 months.
Overall, foreign purchases in the US were worth a staggering $153 billion for the same period, representing a 49 per cent year-on-year rise. Leaving no doubt as to where overseas purchasers like to buy, 22 per cent of all sales were in Florida. The next most popular states were in California and Texas, both with 12 per cent, followed by New Jersey and Arizona, both with four per cent.
Forty-four per cent of foreigners are buying outright with cash, added the survey, with overseas purchasers typically spending just over $300,000, circa £230,000, on their American home. Fluctuations in the exchange rate and the recent strengthening of the pound against the dollar mean that six months ago the same dollar budget would have cost around £240,000.
To show how far your money goes in Florida right now, we’ve picked three properties for sale there. Each is on the market for around $300,000, but will appeal to a different type of buyer.