The Mortgage Bankers Association said the number of mortgage applications had dropped 13.2% in the week ending February 13.

The amount of requests for new home purchases dropped 7.1%. This is the biggest indicator of new sales in the country.

30-year mortgages are the most common type of loan in the US and the average rate has spiked in recent times. In the past week the average mortgage rate has leapt from 3.84% to 3.93%.

The USA is a popular location for Brits buying abroad, with Florida home to many expats who have purchased abroad. The British pound currently buys $1.53, down from a high of $1.72 recorded last summer.

“Most British buyers are drawn to Orlando, where they can buy a property within a short driving distance of the local airport and enjoy family holidays in the sun,” Clare Nessling, director of overseas mortgage specialist Conti, wrote in Your Mortgage’s Florida buying guide.

“The Gulf coast is also popular, with locations such as Sarasota, St Petersburg, Bradenton and Naples featuring on many a British buyer’s wish list.

“The Atlantic coast also offers great investment opportunities, with plenty of gated communities to choose from and low prices to take advantage of.”