accepted.co.uk - the loans search engine

People who have taken out a homeowner loan for renovation on a UK property may want to switch locations, after it has been reported that Florida properties are selling for 50 per cent below market value.

According to Homesgofast, high-end real estate is also being offered on online auction sites, which have seen properties sell for half of what they are worth.

"Some auctions are offering no reserve so in theory investors could buy a home for a few dollars," states Nick Marr, chief executive officer of Homesgofast, which could leave plenty of money left over if a person uses secured loans.

Commenting on properties in Western New York State, Mr Marr continues: "Unbelievably, the houses start from about £8,500 and investors are very sceptical and want to know what the catch is."

For those who fancy a new home abroad, secured loans may finance the move and could be more available than regular loans, because the lender is provided security in the form of a current property.