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UK property investors – which may include first time home buyers looking to invest for the first time – considering a move into the US property market, should opt for locations such as Florida and New York, an expert has claimed.

According to Paul Collins, a representative from BuyAssociation, Florida remains a popular holiday and investment destination for Britons, a location which may be attractive to first time home buyers looking to invest abroad.

New York was also identified as a potential holiday hotspot for British travellers to the US.

“There may be a rise in the number of visitors to the traditional holiday destinations, as people rush to take advantage of the favourable exchange rates,” said Mr Collins.

Presently, the dollar is trading at more than $2 against the pound.

“It is also worth keeping an eye on apartments in cities around the country, as good condos in metropolitan areas are often easier to rent out,” he added.

Other areas such as Phoenix and Las Vegas were also identified as potential investment locations.

The National Association of Realtors on Wednesday said it expects the national median price for existing homes to drop for the first time since the trade group began keeping records in the late 1960s.

In an interview with NAR spokesman Walter Molony, the group also lowered its 2007 sales forecast for new and existing homes. Tighter lending standards and the continued fallout from the subprime mortgage market are to blame, Molony said.

NAR is forecasting a 0.7 percent dip in 2007 for the national median price for existing homes after a 1 percent gain last year.

The national median new home sale price is projected to rise 0.4 percent after a 1.8 percent gain last year, according to the association.

However, NAR forecasts a 14.2 percent decline in new home sales compared to its previous estimate of a 10.4 percent slide.

The group estimates that existing home sales will fall 2.2 percent this year, compared to a previous forecast of a 0.9 percent decline.