US subprime problems 'should not deter investors'
US subprime problems 'should not deter investors'
The subprime crisis should not put people off investing in US property, according to one expert.Nick Marr, chief executive officer of Homesgofast.com, explained that the slowdown in the country's housing market means anyone looking to buy now might make money further down the line.
He said: "People are thinking: 'Don't touch America'. But … if you can get it [the price of a property] low enough, you can [make a profit]."
Mr Marr granted that it might be more difficult to find someone willing to offer buyers a mortgage owing to the adverse economic climate, and that any potential lender will most likely ask for a higher deposit than they would have done in the past.
However, he concluded that Americans see UK-based investors as "their saviour" and, because of this, more of them are looking to advertise their properties on the international market.
Figures published by the Global Property Guide show that at the start of the last quarter of 2007, the average house price in the US was around £106,000 ($207,800).
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17 February 2008
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