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British investors eye off US property
19 March 2008
The old adage 'buy in gloom, sell in boom' seems to be have rubbed off on British investors as they eye off cheap US property brought on by falling house prices and a weak US dollar, the Evening Standard has reported.
New figures from the US's National Association of Realtors show that British buyers were among the most enthusiastic when it comes to buying US property in 2007.
David Wyss, chief economist at Standard & Poor's in New York, said that the trend is unlikely to slowdown in 2008 as the underlying economic causes were likely to deteriorate even further.
"The falling value of the dollar against the euro and sterling is an obvious cause of this. The falling value of property in many parts of the US is also an important factor," he said.
Jo-Anne Kennedy, chief operating officer with Coldwell Banker Hunt Kennedy, told the Evening Standard that with London property prices still booming, New York was offering value as another global city.
Securing funding for US properties might be easier said than done, as liquidity dries up and the US Federal Reserve attempts to oil the financial system with lower interest rates and cash injections to prop up failing banks.
