Holiday Home Prices In Florida Have Fallen By 50%
The global recession has had an effect on everyone around the world, some places more than others, but as it gets worse, the worse effected areas are really feeling the full brunt of it. One of the worst hit countries is America and a large number of people living in Europe have no idea. However, if you have the spare cash, you will be able to benefit from the troubles they are having in America.
Currently, house prices around America has fallen, from the highs back in 2005, by around 50% to 60%. Due to the recession, many Americans have decided to sell their homes, this has led to a massive amount of homes coming onto the market, for example, in the Florida area of Kissimmee, there are 19,000 homes for sale.
Because of these very low prices, plus the improvement in the exchange rates, buying a property in America has never been more tempting. Hopefully with a rise in holiday homes being bought by us Brits, it should be having a positive effect on both the US and the UK economies. This might be the case because as more Britains put money into the housing market in the US, they will also require overseas property insurance .
Normally, Britains who have bought a property abroad will choose to buy their holiday home insurance from companies situated within the UK, as that’s their primary residence. This will result in a boost for the UK economy because more people are putting money into that as well. However, I doubt home insurance companies will make alot of holiday cottage insurance sales as although home prices all over the US are down, unlike places like Spain and France, you’ll find it hard to buy a small cottage in the countryside.