Daily News
Friday, November 27, 2009
Foreign currency exchange improvements 'increase US property purchases'
Recent
foreign currency exchange improvements have caused an increase in the number of Brits purchasing property in the US, it has been suggested.
Improvement in the
foreign currency exchange rate between sterling and the dollar may have a direct impact on the property market.
The US Census Bureau and the Department of Housing and Urban Development reported sales of new US houses in October 2009 were up by 6.2 per cent from the previous month.
Deane Roe, from Moneycorp, said: "This increase directly correlates with the pound's improved performance against the dollar, with a noticeable pickup in clients buying US dollars once the rate moved above the 1.50 level."
The latest Standard & Poor's/Case-Shiller Home Price Indices showed that property prices in the US increased by 3.1 per cent in the third quarter of the year, in comparison to the previous three months.
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