Moneycorp noted a spike in the number of Britons making international payments for U.S. property purchases in January this year. As the Christmas vacation receded and the winter weather continued, Brits sought to fight the January blues by investing in a place in the sun.
The specialist foreign exchange provider saw a 20.42 per cent increase in property-related international payments between December 2014 and January 2015. This increase is part of a wider year-on-year trend that sees Brits flocking to secure a profitable vacation rental in the sun.
In particular, Brits are snapping up property in central Florida thanks to its property market recovering after slowing over the last couple of years. These properties, predominantly vacation homes, are seen as very viable investments, with many making strong capital gains on their purchase price.
“Many of the Brits investing in U.S. property are targeting central Florida, in locations such as Kissimmee, Davenport and Sarasota,” says Kelly Cutchin, Moneycorp USA Country Manager. This is because of the availability of properties suitable for short-term vacation rentals.
“The British are purchasing properties ranging from $200,000-300,000 on average, with the purpose of using their place in the sun as a vacation home for several weeks of the year. For the remainder of the year, they look to rent the property out to other vacationers. By offering their homes as short-term holiday rentals, many are seeing a great return on their investment.
“In addition, the Sunshine State has done a strong job of branding itself in the UK as the place to go for sun-starved Brits. The direct international flights from the UK make it very accessible to buyers wishing to vacation across the pond, with places such as Orlando strengthening their standing as destinations in their own right.”
For more information, visit http://www.moneycorp.com/usa.