british buyers heavily active in us property market
News Posted On: 12 July 2010
While many overseas property markets have suffered from the sharp drop in demand from British buyers, the latest data on foreign purchases from the US National Association of Realtors shows us that the Brits are buying there.
The NAR have revealed that foreign buyers spent $41 billion on US residential property in the year to end March this year, 4% of the entire market. This is not counting people who have moved to the US recently, or who are on temporary visas, when these are included the total jumps to $66 billion, 7% of the market. Of this, British buyers were responsible for 9% of the sales, the third largest buyer group after Canada (23%) and Mexico (10%).
This shows beyond a shadow of a doubt that the British love affair with buying and investing in overseas property was not dead in the last 18 months. Having said that, the report is not entirely surprising; there have been several reports in the last 8-12 months of increasing demand for bargain properties in America from British and foreign buyers. The NAR report simply confirms the reports and gives us a definitive level on the activity.
The reports we have seen have been sufficient to bring about increased availability of distressed US property for sale in the UK. Many UK based overseas property agents have begun listing such properties in the last few months, and you can view a sizeable selection of deals here.
Back to news articles for this country
Latest Related News Articles in America
NAR Says US Housing Market in Early Stages of Recovery
2012-01-25
Sales of existing homes have now improved for three consecutive months according to the latest data .....
Outlook for US Housing Is Finally More Optimistic
2012-01-18
Things are finally looking up for the US housing industry with predicted increases in sales and buil.....
Renting Becoming New Reality for Former US Homeowners
2012-01-12
Homes may be much more affordable in many US states and mortgage rates at record lows, but many form.....
Las Vegas Residential Property Sales Increase in November
2012-01-09
In November the number of homes sold in Las Vegas rose for the fifth consecutive month. This was mai.....
REITs Set for Buying Spree in 2012
2012-01-04
Experts are predicting that Real Estate Investment Trusts will go on a buying spree in 2012, after a.....
US Housing Market Looks Like Turning Corner
2011-12-23
Sales of existing homes in the US are now 34% above the cyclical low point of mid 2010 according to .....
American Property Hopes for Better 2012
2011-12-16
Let's face it, 2011 has been a pretty miserable old year for the global property industry, and few h.....
Americans Expect Strong Growth in 2012 Rents
2011-12-09
According to the report US consumers are sure of one thing -- rents will rise in 2012. Of those surv.....
US Housing Market to Bottom in 2012
2011-12-06
Well, good news at last. The US housing market is going to bottom in the second half of next year --.....
US Market Lucky to Have Crashed so Hard
2011-12-05
When the UK followed the US into a housing market crash, experts predicted a crash of fantastic prop.....