A sharp rise in the value of the pound is giving UK buyers a golden opportunity to get more for their money when purchasing property overseas – with Florida emerging as a prime hotspot.
At the start of the year, sterling sat at around $1.23 against the US dollar. Today, it’s hovering around $1.35 – a leap that adds serious buying power for British investors looking at securing a property in the sunshine state.
In January, £350,000 would have secured around $430,500
Today, that same budget converts to approximately $472,500 – a boost of $42,000 without spending a penny more
That’s enough to afford a larger home, a more prestigious location, or to cover essential costs like legal fees, taxes, or even a furniture package.
Gideon Alper, an attorney from Alper Law in Florida, who is a leading expert in real estate asset protection, told The London Property News: “This shift in the exchange rate has opened the door wider for UK buyers looking to invest overseas and Florida, in particular, remains a firm favourite in the US.
“You’re getting more for your money, more value long-term, and access to one of the world’s most vibrant property markets. If you’ve been considering a holiday home, rental investment, or future relocation spot – now is the time to act.”
Florida continues to attract British buyers thanks to its year-round sunshine, family-friendly communities, thriving rental market, and direct flights from the UK. And with the current exchange rate, UK investors can now target areas and property types that might have been out of reach just months ago.
Coincidentally, The UK Times reported that foreign buyers purchasing property in England and Northern Ireland now face a 2 per cent stamp duty surcharge, which has further added to the financial burden of investing in UK real estate.
“Tax changes have stemmed the flow of overseas house hunters,” said Aneisha Beveridge, Head of Research at Hamptons.
“Stamp duty increases, particularly for those purchasing second homes, combined with Brexit and amendments to the tax treatment of non-doms, have added to costs and reduced the lure of property in the UK.”
The impact has been particularly pronounced in central London, traditionally a hotspot for global buyers.
Gideon Alper gives his top three tips a UK buyer should know before committing to purchasing a property in the US.
Think about rental income.
“Many UK buyers let their homes as short-term holiday rentals when they’re not using them. Be sure to check legal obligations, such as tenant rights, fair housing regulations, and maintenance responsibilities, before renting out a property. It can sound daunting but the return on investment is usually highly rewarding,” Alper explained.
The cost of ownership.
“Beyond the purchase price, factor in costs such as HOA (Homeowners’ Association) fees, property taxes (which vary by state), insurance, and ongoing maintenance. Florida homes – especially those in gated communities or near golf resorts – often have monthly fees you’ll want to budget for,” said Alper.
Don’t skip seeking legal advice.
“The US property system is different to the UK’s. Always work with a qualified Florida-based real estate agent and a property attorney to ensure everything is above board. Unlike the UK, properties are bought through escrow and titles are checked and insured – having a team that knows the local legal landscape is crucial,” Alper advised.