While France and Spain remain the most popular destinations for Brits buying homes overseas, jitters about the eurozone have helped the US into third place on the shopping list, particularly for those looking to invest.

Knight Knox International and Rightmove Overseas both report a surge in interest in US property, and the States came out third in the most recent HiFX Property Hotspots Report, after France and Spain.

The top State for many is Florida, where property prices have plummeted in recent years, with many homes being sold for less than it cost to build them. Buying a property in the US is also more affordable than it has been in 20 years thanks to mortgage borrowing rates falling to record lows this year.

But there are signs that the market is about to turn the corner, which is good news for longer-term investors who get in quickly.

Shameem Golamy, head of Rightmove Overseas, said:

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“When it comes to those buying purely as an investment…there is some evidence that the volatility of the eurozone has pushed them further afield to locations such as the USA, where there are signs that the property market has turned the corner, and where they can benefit from a true ‘hands-off’ investment at a very good price.”

Richard Way, editor of the Overseas Guides Company, said:

“When it comes to the USA, it’s very much about the time being right. Florida is attracting more British buyers, but this is very different to owning a second home in say France or Spain. These buyers have been waiting for the right time to buy, and with prices generally thought to have bottomed out in the Sunshine State, they’re dipping into the market now. It’s a promising sign when billion dollar equity funds are buying up swathes of heavily discounted property in the state.”

Jeremy Knight from Knight Knox International, added:

“With stock still available at under-build costs, the USA, and Florida in particular, is proving to be an outstanding bargain for holiday home buyers at the moment. Investment homes are also extremely popular in Tampa, Orlando and Fort Myers, due to the large amount of condos and apartments available, located close to attractive facilities, amenities and attractions, in addition to being pre-tenanted, offering investors immediate returns on the property.”

BuyAssociation has compiled a Homes Abroad Report, containing analysis of the overseas housing markets and including comment from leading industry experts.

Click here to access the report in full.