The lender claims the result buck the sentiments that property investors are turning away from the Florida market place as a choice for their holiday homes.
Many property investors looking towards buying a home in Florida have been warned off the market place in recent months, given lower house price inflation in the US, with many media articles in the UK warning of a falling market. However, when looking at the Florida market place, it still gave a solid performance last year with house price inflation sitting at 9.5 per cent.
This, together with the current strength of sterling against the dollar, potentially represents a good investment opportunity for those looking for a second home abroad and particularly those seeking a longer-term investment opportunity.
Florida has always been a popular choice amoung British tourists and as a destination for holiday homes. GE Money Home Lending offers UK citizens the opportunity to secure a sterling mortgage on a property in Florida, enabling many to secure their dream holiday home or investment property - based upon the Bank of England base rate and a system which they are familiar with.
Gerry Bell, head of marketing, British mortgages abroad for GEMHL, said: “The Florida market is still performing strongly for UK investors looking for a home abroad. We have seen strong growth in this market through our British mortgages abroad products, which are up 100 per cent on the first quarter of 2006. Clearly the US economy is going through change, with a slow down in house price inflation of 6.5 per cent across the country, however, Florida is still performing relatively strongly with house price inflation at 9.5 per cent.
“It would be unwise for investors looking to sell their property in Florida to do so at a time when the market is unsettled, unless they clearly needed to do so. Florida remains a solid option for long-term property investment. For those looking to sell and repatriate to the UK, they need to avoid knee-jerk reaction, making sure that their decision is considered and well informed given the current market and strength of the pound.”
