Brits accounted for seven per cent of property sales to foreigners in Florida last year, equally $889million of the estimated $12.7billion international market.

Figures from a recent National Association of Realtors (NAR) report also showed that Canadians made up the largest group of Florida’s foreign buyers in 2010, with 39 per cent of the market. Brazilians were second with eight per cent, while Britons tied with Venezuela in third place.

The southern part of the Sunshine State was the most popular area with foreign buyers, with the Miami/Fort Lauderdale/Miami Beach market accounting for 30 per cent of the international market. Unsurprisingly, the Orlando/Kissimmee area in Central Florida, home to Disney World and popular with British people, had the second largest portion of foreign buyers, with a 14 per cent share worth nearly $1.8 billion.

NAR figures indicate that the market is improving too. The 2,136 single-family homes sold by NAR members in October represents a 17 per cent jump on last year’s total of 1,822. The median price of an existing single-family home was $127,800, two per cent less than the $130,800 posted in October 2010.

Anyone who needs to transfer money to buy property in the USA, should use a currency specialist to exchange their pounds into dollars. For more information, contact Smart Currency Exchange.

To understand the full step-by-step process to buying a property in America, collect The Overseas Guides Company’s ‘USA Property Buying Guide’