American buy to let gets Obama’s seal of approval

Wednesday, January 11, 2012

American buy to let gets Obama’s seal of approval

Buy-to-let investment is getting presidential approval in America, as the White House prepares to announce a scheme to sell foreclosed homes for renting.

The government-owned stock of approximately 250,000 properties will be sold to investors in the hope of clearing the backlog of repossessed homes which is currently clogging the US property market.
Demand for rental properties is extremely strong within the US, with tourists looking for holiday rentals and the depressed economy forcing residents towards rentals instead of owning outright. In fact the clamour for rental property is so strong that many homeowners have taken to renting out spare rooms or driveways, especially in urban areas.

One area experiencing significant growth is Detroit, which has seen large amounts of regeneration and looks set to benefit greatly from the proposed scheme.

Local agent Robert Stone, Managing Director of Target Markets, comments: "The US government recently invested a huge amount in Detroit's automotive industry, which is having a big impact on the area's economy and boosting its increasingly strong buy-to-let market."

There will be a host of American exhibitors at A Place in the Sun Live, as well as a dedicated Florida Pavilion bringing together agents, developers and experts from the sunshine state. The exhibition takes place at between the 30th of March- 1st of April 2012 at London Earls Court.

Advance tickets are available to book now , priced at two for £15 and include a FREE six-month subscription to A Place in the Sun magazine.

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A Place In The Sun