British buyers snap up US repossessions

Published by The Independent
on Sunday 12 December 2010 by Chiara Cavaglieri
 
The collapse of large sections of the American housing market has given property hunters in the UK a lucrative investment opportunity.

The world of property can be harsh in the extreme, with one person’s misery being another one’s profit. Nowhere is this truer than in the land of laissez-faire economics the United States.

The collapse in house prices in many parts of America as a result of the credit crunch and recession provides an investment opportunity for cash-rich Britons unafraid of risk and without moral qualms. Property buyers are taking on repossessed homes – called foreclosures in the US – at bargain-basement prices, then renting them out for impressive returns. But should they hand over their cash in such turbulent times?

Foreclosures accounted for …


Tags: Britons, cash-rich, house prices, lucrative investment, mortgage, opportunity, property, repossessions, UK buyers, US market

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