INTEREST RATES: Foreign interest
The recession affected purchases of homes abroad, but enquiries are on the rise again as many countries are offering low interest rates and bargain prices. So brokers need to be aware of potential opportunities in this market and be ready to advise clientsFor many years television property porn on buying the perfect holiday home abroad dominated our screens. It seemed that just about anyone could hop on a plane, buy a property for next to nothing and live the dream in sunnier climes.
Every week revealed the next must-buy place for UK investors, from Croatia and Bulgaria to Florida and Thailand. Borrowers were not only encouraged to live their sun-drenched fantasies but also told they could make money on the investment and overflowing mortgage finance meant there were lenders both at home and abroad willing to fund the purchases.
In the frenzy brokers were inundated with speculative enquiries from holiday-makers and amateur investors. But for many the downturn ended any thought of enquiring about holiday homes or making bold investments.
Figures for British citizens buying property abroad are hard to come by because it is difficult to track purchases from all over the world and there are a high number of cash purchases or finance raised on secured loans or remortgaging of UK property.
These factors make it difficult to assess the size of the market but industry estimates suggest it is worth billions of pounds.
Brokers such as Conti accept that demand has fallen in recent years, mirroring the UK mortgage and housing markets.
Emigration also hit a low of 344,000 in the year to September 2010, a 20% drop from its peak of 427,000 in the year ending December 2008, data from the Office for National Statistics shows.
Such a significant drop in people moving abroad can only mean a slowing in demand for expatriates looking for homes.
But there is evidence to suggest purchases delayed during the recession may now be made as confidence returns.
Investors' confidence in property is still sky-high, with 80% selecting it as their number one investment choice, according to an April poll by the Worldwide Property Group.
It is the highest figure for the survey since August 2010 and it is fuelled by low interest rates, with 91% believing rates won't rise more than 1% in the next year. And while 83% reckon it is a good time to invest in UK property, some 63% believe now is the time to invest in overseas property.
Central Florida Holiday Homes - News
In the frenzy brokers were inundated with speculative enquiries from holiday-makers and amateur investors. But for many the downturn ended any thought of enquiring about holiday homes or making bold investments. Figures for British citizens buying
On Sunday, families across Central Florida were celebrating their fathers, but for one Brevard County family, the holiday held a special importance. Life for the Humes family drastically changed when when David Humes
In the frenzy brokers were inundated with speculative enquiries from holiday-makers and amateur investors. But for many the downturn ended any thought of enquiring about holiday homes or making bold investments. Figures for British citizens buying
The Central Florida district teamed up with The Sunshine Foundation to help decorate the cottages throughout its Dream Village by hanging lights and wreaths for the holiday season. The Southeast Florida district teamed up with House of Hope,
Travellers can now book tickets, accommodation, airlines and rental cars through the LEGOLAND Florida website. “Planning a family holiday can be daunting, especially for families with very young children,” said Andrus, a father and frequent traveller.
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