UK investment confidence plummets further
The state of the UK's housing market is so poor than investors would rather buy US property, an expert has revealed.
Carlo Walther, head of business development at Rightmove Overseas, believes that with first-time buyers in London currently struggling to get on the property ladder, they would be better served looking to the US.
He also suggests that the US government bail-out of Fannie Mae and Freddie Mac has helped further reduce any allure that was left in buying UK property.
Mr Walther said: "This is another reason why people have more confidence in the US market then they have in the UK market, which is why investors who typically buy buy-to-let in the UK are now looking at the US market."
Alternatively, house hunters in London could choose to rent rather than buy, which is likely to cost them significantly less, while also protecting them from the economic downturn.
Research last month revealed that the number of mortgage approvals in the UK had decline by more than 70 per cent.
Published 12th September, 2008
© 2008 Estates IT Limited
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The state of the UK's housing market is so poor than investors would rather buy US property, an expert has revealed.