Pop star Madonna has reportedly joined the ranks of those seeking to buy a New York property.

The star, who was recently divorced from film director Guy Ritchie, is said to be seeking a plush pad worth at least $30 million (£21 million) in the heart of the city, with the price possibly being as high as $60 million.

New York property seekers may be fascinated at the thought of living near to the superstar, but will also be glad to know that they will not have to spend a similar amount of money to acquire a home in the Big Apple.

Concerns that prices may fall further could be addressed by a new plan the US Federal Reserve is reportedly formulating concerning mortgages.

According to the Wall Street Journal, the central bank is planning to use semi-nationalised mortgage firms Fannie Mae and Freddie Mac to lower mortgage rates by around one per cent to 4.5 per cent in order to encourage more housebuying.

Visit Rightmove Overseas for the best selection of New York property. Stop dreaming, start searching!