Those looking for bargains in the Florida property market can get homes in the state for half the price they once were, it has been revealed.

Canadians have been among those taking advantage of lower prices, the Financial Post reports.

An example given by the paper is of beachfront properties in south Florida which are available for $250,000 (£142,000).

Kimberly Kirschner, the owner of Kirschner Realty, said: "The same property would have been about $500,000 just two or three years ago."

Such prices may entice many Britons to copy the Canadians and seek bargains in the Florida property market.

Meanwhile, the US property market’s longer-term prospects may now be substantially better following the passing of the $700 billion rescue package for the banking sector.

Congress passed the measure on Friday by 263 votes to 171, having rejected the plan in its previous form four days earlier.

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