According to a recent study by the HSBC, there is a ‘huge discrepancy’ between the value of property that UK buyers can purchase here in the UK, compared to those available overseas.
UK land registry figures show that the average cost of a terraced house in England and Wales is just over £123,000, yet in Florida’s desirable Orange County, a four-bed condo with a private pool and garden is a snip at a mere £125,000.
Florida continues to lead the US property market with high quality, distressed properties at below market value prices. Tampa and Orlando in particular, currently both have a genuine shortage of high quality rental accommodation and are the ideal choice for investors seeking an existing property that generates immediate income and high rental yields.
Matt Lavin, Knight Knox International’s USA specialist comments “We have recently seen a huge drop in the number of foreclosure inventory available to us in Florida, especially in the more popular areas such as Orlando and on the Gulf Coastline. Whilst this makes things harder for us to find genuine value and opportunity in the marketplace, this is excellent news for owners and for those who are now looking to grab what is sure to be the last of the ‘Florida bargains’.”
Lavin further comments; “at the moment we have stock demonstrating fantastic long-term rental returns, whilst at the same time offering strong capital growth prospects. Being in the market both before and after the crash, we are certain that prices are now bouncing back and the opportunities we have are well placed to capitalise on the recovery”.
View the full range of US properties available through Knight Knox International or contact +44 (0)161 772 1370