• Increasing numbers of those wanting to climb property ladder looking overseas for mortgages
• Foreign investors spent $35 billion on US mortgages from March 2013-2014 – a 46% increase year-on-year
• Brookes & Co launch exciting new Florida project: The Club at Sunset Lake, with US mortgages available

With the introduction of the MMR (Mortgage Market Review) earlier this year and finance seemingly ever harder to obtain in the UK, many individuals are beginning to think creatively about how best to climb the property ladder. Despite fluctuations in the market, a wisely chosen property portfolio is a steady, long-term way for individuals to increase their investment income.

Rental properties in popular holiday destinations around the world are a highly desirable element of any property portfolio, as they allow for receipt of monthly yields at the same time as providing the potential for capital growth. Now, with the UK system tightening up, many investors are looking overseas for just such opportunities in order to make their money work harder for them and the US is one market that is benefiting from this evolution.

Across the pond, foreign-national mortgages is one such product encouraging Brits to invest, with banks offering access to credit for non-residents wishing to invest in holiday homes. Anthony B. Sanders, economics professor at George Mason University in Fairfax, Virginia, explains,

“The American pool of borrowers is drying up. Middle-class borrowers have flatlined due to low income growth, and domestic investors are finding it less appetizing because the foreclosure inventory has dried up. So who do you go to? Foreign investors.”

The banks’ new appeal to foreign investors is certainly working. According to the National Association of Realtors, foreign property investors spent approximately $35 billion on mortgages for US homes during the year to March 2014 – a 46% increase on the previous year’s figure.

Philip Button, Managing Director of specialist property investment firm Brookes & Co, who have been working in the Florida market bringing US properties to UK buyers for over a decade, comments,

“It’s fantastic to see investment in US property through foreign-national mortgages opening the sector up to growing numbers of buyers in the UK. US mortgages are straightforward to obtain and don’t require those applying to travel to the country, thus making international property investment achievable for a greater number of UK residents.”

US banks typically ask for 30% or more as a down payment for foreigners taking out mortgages, while others have set deposit limits, such as HSBC Holdings Plc’s $15,000 minimum requirement. However, with a favourable exchange rate and increasing restrictions on mortgages in the UK, many are finding that it is both easier and more cost effective to take out a mortgage in the US.

Launching on 1^st November, the new US investment opportunity by Brookes & Co, The Club at Sunset Lake, times perfectly with this move providing the ideal opportunity for UK buyers looking to capitalise on the growing market.

A brand new gated development in the heart of central Florida, The Club at Sunset Lake is situated close to all major amenities and boasts luxurious facilities including an exclusive clubhouse and swimming pool, fitness centre and spa, sports courts and cycle paths, and a lake front park and picnic area, making the most of the beautiful location in which it is situated.

The two, three and four bedroom properties are spacious, exceptionally built and luxurious with the larger properties also boasting garages. All properties at The Club at Sunset Lake offer a 5-year rental guarantee with a 6% net return after all costs, making this a fantastic investment opportunity.

Two bed properties are priced from £96,950, three bed properties from £118,700 and four bed properties are priced from £137,450, with both residential and buy-to-let US mortgages available.

Philip Button concludes,

“We are very excited about the launch of our brand new Florida project and are sure it will make an excellent investment option for anyone looking to capitalise on Florida’s buoyant market. It will be interesting to see how many of those who invest opt to do so through foreign-national mortgages from US banks. Of course, individuals who do take out foreign-national mortgages have the added advantage of being able to begin building a credit history in the US, which is something that is always advantageous to have too.”

For more information about The Club at Sunset Lake and buying in Florida, contact Brookes & Co on +44 1621 875 925, email info@brookesandco.co.uk or visit www.brookesandco.co.uk

• $1.1 billion Orlando International Airport expansion will welcome up to 45 million visitors
• State of Florida on track to see record-breaking tourist figures of 100 million by end of 2014
• Brookes & Co launching new Orlando project for investors looking to capitalise on growth

A major new expansion plan will see Orlando International Airport welcome up to 45 million travellers by 2020, spelling great news for those investing in the growing destination. The $1.1 billion scheme has just been approved by airport officials, in light of the airport having welcomed an additional 4.2% travellers this August, and within the context of the state of Florida aiming for record-breaking visitor numbers of 100 million by the end of 2014.

The announcement of this newly confirmed expansion, is no surprise given Orlando’s reputation as a perennially popular destination for families looking to make the most of all the Sunshine State has to offer, as well as those looking for the ideal leisure break. A place of action-packed days and fun-filled nights, from beautiful beaches to world-famous theme parks, the excitement of the water parks to the plentiful shopping facilities on offer along with world class golf courses, Florida’s magic inspires all who visit from both the US and overseas.

Philip Button, Managing Director of specialist property investment company Brookes & Co, which has been working in the Florida property market for over a decade, gives his reaction to the airport expansion announcement,

“The Orlando International Airport expansion plan is excellent news. Florida’s tourism sector is an important part of the state’s economy and a significant proportion of those tourists access Florida via Orlando. The expansion scheme will ensure that those visiting Florida find the process of getting here a pleasant one, as the airport’s capacity grows in line with demand.”

Due to the nature and size of the airport expansion plan, the project has been divided into manageable sub-projects which include $470 million that will be spent to expand the airport’s people mover system and provide a 3,500-space parking garage, easing movement between flights; $120 million towards a new south terminal; and $114 million to improve the flow of international traffic at Airside 4.

Such ambitious growth plans are appropriate given the fact that at present the airport handles far more passengers than was originally intended, as Greater Orlando Aviation Authority Executive Director Phil Brown observed,

“Orlando International Airport, designed to handle 24 million passengers a year, witnessed a passenger count of 35 million in 2012” making the airport expansion long overdue and a very welcome addition for those travelling regularly through its doors.

Such a development scheme will not only increase visitor numbers and their experience, it is also likely to have an impact on local property prices. This has positive implications for those who have already bought in Florida, such as those previously purchasing at The Fountains at ChampionsGate with Brookes and Co, taking advantage of the healthy rental returns on offer as well as top class golfing facilities, and for those considering buying in the region.

For those interested in taking advantage of the growing opportunities in Florida, Brookes and Co are set to launch a new Florida project to UK investors very soon, enabling them too to benefit from the Orlando International Airport expansion.

For more information about buying in Florida and the new investment opportunities soon to be launched, contact Brookes & Co on +44 1621 875 925, email info@brookesandco.co.uk or visit www.brookesandco.co.uk 

The revolutionary SunRail project in Florida – the rail line launched this year to greatly improve the state’s accessibility, for both commuters and tourists alike – is on track to go from strength to strength following the announcement of a proposed major expansion.

The Florida Transportation Department has revealed that they are looking into a potential move to increase the reach of the landmark project with a link to Orlando International Airport. Currently in the research phase, this expansion of 5.5 miles of additional track, from Orange County’s Meadow Wood station, if given the go ahead, would complete for an opening in 2020.

Already having an impressive impact in the region, the Sunrail commuter rail system is positively affecting the areas along its path, cutting commuting time, creating jobs and opening up transportation possibilities for the numerous businesses in the region.

Phillip Button, Managing Director of leading property investment specialists Brookes & Co, experts in the Florida property market, explains why this is good news for those buying in the region,

“Florida has been going from strength to strength, with the Orlando area in particular registering impressive growth in terms of both the economy and house prices in recent times. Now, with the impact of the new Sunrail, and its proposed major expansion in the pipeline, this is looking set to flourish further still.

“As has been seen in the UK with the much-anticipated Crossrail link that is expected to add an impressive £42billion to the UK’s economy, impacting positively on property prices even ahead of its opening in 2018, the Sunrail project is sure to further strengthen the Florida market. Reflecting Crossrail’s creation of thousands of jobs and opportunities for business, and with a predicted impact on the US economy of $8.8billion and the creation of 261,000 jobs in the coming 30 years, Sunrail will not only make travel easier, it will make doing business and making money easier, excellent news for the recovering US economy.”

And Button is right to highlight the property prospects of Sunrail. Through its similar expansion, the UK’s Crossrail project has already caused a surge in house price growth along its route, with a 30% growth in the average price of houses within a 10-minute walk of the central Crossrail stations since 2008, according to Knight Frank, with an average rise of 40% expected by 2018. It is revitalising areas, reinvigorating local economies and expanding interest in specific regions that will be touched by the new rail line.

Prior to the proposed airport expansion, the next phase of the Sunrail system will be a further 4 southward stations added to the existing 12, along with a new northern terminus, with a completion date of 2017 anticipated. As alluded to by Button, for those looking to invest in property in Orlando, the second phase of Sunrail is excellent news. As well as area-specific price increases around the proposed new station sites, the development is expected to contribute to a general uplift in property prices as the city expands.

With several successful property investment opportunities already sold out in Florida and an exciting new development about to be launched close to one of the new Sunrail stops, Philip Button certainly sees the true value of transportation upgrade when it comes to property prices. He explains,

“Adding a new commuter transportation system such as Sunrail to a city is about so much more than just moving workers from A to B. It is about ensuring that the city operates as efficiently as possible, making it an attractive destination for families to live and for tourists to visit.

“Orlando has some wonderful attractions for those looking to visit the area, but without being backed by a decent, modern infrastructure their charms would certainly begin to fade, with visitors spending their time queuing on crowded train platforms or sitting in traffic on congested roads when they should already be through the theme park gates and having fun.”

For more information about buying in Florida and the new investment opportunities soon to be launched, contact Brookes & Co on +44 1621 875 925, email info@brookesandco.co.uk or visit www.brookesandco.co.uk 

The retirement dream of days of yore has somewhat lost its muster in recent years. Perpetual talk of the devaluation of pension pots, ever-increasing working age limits and much-talked about annuity changes are continually moving the goalposts for those on the brink of retirement. Yet one question remains the same: how do you make the most of your retirement?

Recently revealed by retirement specialist LV that British retirees need approximately £225,756 in their pension pot to enjoy a typical 17 year retirement to the full, it is no surprise that more and more people are looking outside the box for a solution.

Gordon Turner from Barrow-in-Furness, Cumbriathinks he might just have the answer to this age-old question. Reaching retirement in March 2017, Gordon already has a plan mapped out to make the very best of this next phase of his life. Having purchased three properties at The Fountains at ChampionsGate in the top tourist destination of Florida through property investment company Brookes & Co, he plans to live in there for 6 months of the year once he retires (on a tourist visa) and to use the properties for rental outside of his own personal usage too.

Gordon explains more about the financial reasons behind his decision,

“I would like to maintain my current lifestyle once I retire and the properties will allow me to do this as they will bring in a monthly rental. There are financial  benefits to living in the US like the cost of living being approximately 25% less than the UK, fuel being significantly cheaper and cars better value, there is no VAT, you are not taxed on your gas and electricity, you pay less capital gains tax too, and the list goes on.”

And Gordon’s purchases make good financial sense in another respect too. Zillow, the largest property website in the US, recently released data that showed an increase of 14.8% in the value of homes in Orlando in 2014, compared to the previous year, with a projected rise of 7.2% predicted for the Orlando Metro area in the coming 12 months.

However, it is not just the financial gains from a retirement in Florida that appeal to Gordon, he is also attracted to the change in lifestyle that a move to the Sunshine State would bring,

“The benefits to health and a more laid back lifestyle are immense.  Just picture listening to the palm trees swaying in the wind and wearing a shirt, shorts and flip flops as you read the morning paper in the garden instead of hearing the rain and wind belting down on your windows before you put on your heavy coat, scarf, gloves and brolly to face the British elements!

“Just imagine being able to sit on your balcony and have breakfast in 22 degrees of sunshine every day and pop in the pool for an early morning swim – that’s a huge benefit, in fact I would say ‘that’s the start of paradise’.”

And Gordon is not alone in looking to US shores for a happy retirement. Specialist annuity provider MGM Advantage recently revealed that the USA was the third most popular country for UK retirees (behind European destinations of Spain and France), with 16% of those surveyed having a preference for a move to the US when they reach their ‘golden years’.

The family man who currently works as an Engineering Product Safety Manager in the UK did not, however, merely purchase the properties for investment and retirement purposes, although the properties are still in the development stage, he is also looking to utilise the finished homes prior to retirement for holidays with his extensive family. And with two children and four grandchildren of his own and his partner having six children, it suddenly becomes clear why he needed three properties!

Purchasing one three-bed and two four-bed villas, Gordon’s family are big fans of Florida already and have visited a staggering 35 times over the past 24 years, making the very most of all that the state has to offer. From beautiful year-round weather, the enduring entertainment options available at the resort parks of Disney World and Universal Studios and the beautiful beaches, it is clear to see why Florida – and Orlando specifically – has become an increasingly popular holiday choice, with an increase of 2% in tourist numbers in the first quarter of 2014, compared to the same period in 2013.

Philip Button, Managing Director of Brookes & Co, which has been sourcing property in Florida for UK clients for the past decade, comments,

“Florida has long-since been a hugely popular destination for holidays – I have visited with my family more times than I can remember – as well as for the purchase of holiday homes. It is because of this that it also makes an excellent investment choice, with prices on the increase and a growing property market.

“And what a fantastic place to retire! The US, and Florida specifically, has much to offer, both from a lifestyle perspective and financially and I just know that Gordon will be very happy there. I am proud that Brookes & Co have been able to help him with this important decision and that our practice of due diligence has supported him step by step with his purchase.”

Giving him the best of both worlds, Gordon is optimistic that his Floridian purchases will give him the best of both worlds – the ideal base for the perfect family vacation and a retirement option that offers personal fulfilment whilst making sound financial sense. It is clear to see why he exclaims “I can’t wait until I am out in the sunshine state enjoying my new life!”

For more information about buying in the US as well as about the other investments Brookes & Co offer, contact 01621 875 925 or info@brookesandco.co.uk or visit www.brookesandco.co.uk

• Virgin Atlantic launch new flight route connecting Belfast with Orlando
• Florida tourism on the up: 3.5% increase in tourist figures in 2013, compared to previous year (Visit Florida)
• Part of positive US story: real GDP in the US is to rise from 2.1% growth in 2013 to 3.0% in 2014 and then by an average of 2.8% annually from 2015 to 2017 (Timetric ‘Travel and Tourism in the US to 2017’ report)

Florida is unquestionably one of the world’s most popular holiday destinations, with tourists flocking to its shores for a signature blend of theme parks, championship golf courses, water parks and beaches. And now it is not only this wealth of attributes that are encouraging Northern Ireland holidaymakers to visit the Sunshine State, increased accessibility is today high on the list too.

Major player in the airline industry, Virgin Atlantic, have recently announced a new route that will see flights scheduled between Belfast International Airport and Orlando over June and July, linking Northern Ireland’s largest city with Florida’s top tourist hotspot. A spokesperson for the company also suggested positive ramifications for the establishment of the new route, commenting,

“We keep our flying programme under continuous review and if the new services are a success we could look to continue them in the future.”

And with the seemingly hot tourism market in Florida at the moment, these new routes certainly seem to be on track for recording a great success. Recent figures have shown that Florida’s unending popularity is actually on the increase, with last year a record year for the state’s tourism: Visit Florida reported an increase of 3.5% in tourist numbers in 2013 compared with 2012, bringing the total to 94.7 million visitors. The aim for 2014 is to hit the magical 100 million tourists figure, through the increased access and a whole host of exciting new attractions.

Walt Disney World last month opened its newest attraction, the ‘Seven Dwarfs Mine Train’ in Fantasyland at the Magic Kingdom, a ride that will feature animated figures and music from the popular Disney film in a family-roller coaster, and also has big plans in the pipeline for ‘Pandora: The Land of Avatar’, set to open in 2017 amid much furore.

Universal Orlando Resort has followed suit this month with an expansion of the exceptionally popular ‘Wizarding World of Harry Potter’ from its current home at Islands of Adventure to its sister park of Universal Studios Florida, next door. The second site allows visitors to experience a virtual journey on the Hogwarts Express and an ‘Escape from Gringotts’ ride through darkened bank vaults. The new attraction also offers the chance to visit Diagon Alley and its popular shops that include the iconic Ollivanders Wand Shop, Weasleys’ Wizard Wheezes and Borgin & Burkes, selling objects of dark magic. There is even be the opportunity to sup on a butter beer or two at the famous Leaky Cauldron!

Sure to be met with overwhelming popularity, the new theme park attractions are set to contribute, not only to Florida’s increasing tourist figures, but also, in turn, to the US’ financial recovery in more general terms. And this is something that is looking increasingly healthy. The Timetric ‘Travel and Tourism in the US to 2017’ report forecasts that real GDP in the country is to rise from 2.1% growth in 2013 to 3.0% in 2014 and thereafter by an average of 2.8% annually from 2015 to 2017.

Florida’s increasing popularity is not only excellent news for flight operators and the country’s coffers, it is also ideal for investors in the state’s property sector. Both holiday accommodation and long-term rental accommodation are much in demand. As well as boasting impressive overnight visitor numbers, Florida is also the fourth most populous state in the US (after California, Texas and New York) according to data from the World Atlas.

Philip Button, Managing Director of specialist property investment firm Brookes & Co, which has been sourcing investment property in Florida for UK clients for the past decade, comments,

“Florida’s huge population means that demand for rental accommodation is consistently strong. The changes to the property market over the past six to eight years have also meant that many people have moved from owner occupied accommodation to private rented sector properties. Clearly this creates plentiful opportunities for overseas investors looking to profit from the US market.”

As with any foreign property investment, knowing what, where and when to buy is essential. Brookes & Co’s knack for obtaining this knowledge and turning it into income for its clients has garnered the company an excellent reputation for its Florida opportunities.

The latest – a boutique offering of just 17 exclusive, fully tenanted condos, available from as little as $69,500 – comes at the optimum time for UK investors looking to put their money to work in property. Managed and maintained, with excellent long-term yields, the condos also benefit from the sterling’s current strength against the dollar, which is at a five year high.

To find out more about the US property market, the tenanted condos and the other investments Brookes & Co can source, contact them on 01621 875 925 or info@brookesandco.co.uk or visit www.brookesandco.co.uk

• Sales of US existing homes up 4.9% and pending homes up 6% in May 2014, compared to April figures (National Association of Realtors (NAR))
• Forecasts of 5-6% property price growth for 2014 and 3-5% for 2015 (NAR)
• Foreclosures offer excellent opportunity to invest at far lower rates, which Brookes & Co are currently offering to market

With strains of ‘The Star-Spangled Banner’ infusing the air and the traditional fireworks lighting up the night skies, the Fourth of July may be a national holiday for people in the United States to pause and reflect upon their independence, but one arena where there has certainly been no pausing in recent months is in the country’s real estate industry.

In their ‘Housing Market Forecast’, the National Association of Realtors (NAR) revealed that sales of existing homes were up, marking a real rise of 4.9% in May 2014 in the number of homes sold when compared to April. Alongside this there was also an increase of 6% in the number of pending homes sold in the same period.

This positive growth is a big step forward for a market that triggered the property crash that spread its effect globally from 2008, forcing people to drastically tighten their belts and the market to shrink dramatically. Yet with sparks being shown in property sales figures for recent months, upcoming forecasts are also looking healthy, marking important upward movement.

The NAR are forecasting Median Price Growth of between 5-6% for 2014, with an increase of 3-5% for 2015, steady figures that prove growing confidence in the market, at more manageable levels than the booming figures of the 11.5% growth recorded in 2013, fuelled by a lack of housing stock.

As the report explains, there is a great deal of potential remaining in the US,

“The housing market is beginning to roar back… there is sizable pent-up housing demand looking to emerge. The timing is uncertain. But the pent-up demand implies home sales have much room to rise over the next few years.”

Although RealtyTrac have shown in their ‘May 2014 Residential & Foreclosure Sales Report’ that it is the sale of higher end properties that are currently registering the highest percentage change in terms of their share of total property sales, year-on-year, at the other end of the market there is a different kind of potential.

Since the market crash of six years ago, one arena which has witnessed great potential for investors is the sale of foreclosures, or distressed assets. Asking prices for these properties, sometimes in a state of neglect and in need of much work, is far below that of standard properties – RealtyTrac recently revealed that the average price of a US foreclosed property was 37% lower than a standard property, at $120,000 compared to $190,000. These properties make up just over 14% of the US housing stock (as of May 2014) and offer an excellent opportunity for those looking to make a profit.

Philip Button, Managing Director of property investment company, Brookes & Co, explains,

“With the US market showing signs of improvement, now might just be the ideal time to invest and one option looking attractive is that of foreclosed properties. According to RealtyTrac, the popular Sunshine State of Florida holds a third of the US’ inventory of empty foreclosures, four-times more than New York, and within an improving market, not to mention the 5 and a half year high of Sterling against the US Dollar, now is a fantastic time to buy.”

Today it is not just Independence Day that the US should be celebrating; it is the positive signs of growth in the property industry and the potential being offered to overseas investors that should be helping the American flag to fly proudly at full mast.

For more information on investing in the US, contact Brookes & Co on 01621 875 925 or info@brookesandco.co.uk, or visit the website www.brookesandco.co.uk

• 76% of parents believe holidays are important for children (HomeAway.co.uk)
• 92% of holidaymakers plan to travel with family in 2014 (TripAdvisor)
• Orlando is most visited US city in 2013, with 59 million visitors (Visit Orlando)

When it comes to summer holidays, it seems that family-friendly fun in the sun is at the top of the list of requirements for UK holidaymakers. A recently published survey from HomeAway.co.uk in association with UKMums.tv found that 76% of parents believe holidays are an important time for children.

With such emphasis on the younger family members’ needs, summer holidays are often planned to suit their whims and wishes. In fact, the survey goes on to reveal that 65% of holiday trips and activities are decided upon by children, along with 50% of meals and 60% of decisions as to whether to head for the beach or stay by the pool.

With the children so firmly in charge, it is perhaps unsurprising that Florida – and in particular Orlando – is such a perennially popular choice of summer holiday destination. The family-friendly nature of theme parks and water parks can keep youngsters of all ages thoroughly entertained, from tiny tots to awkward teenagers.

Only 6% of those surveyed were not prepared to sacrifice any aspect of their holiday plans for their children. The findings are backed by data from the latest TripAdvisor family travel survey, which found that family holidays have increased in popularity this year. While in 2013 only 85% of respondents planned to travel with family, the figure rose to 92% for 2014.

While 55% planned to travel with their spouse and children, a significant number (20%) intended to travel with extended family – and again, the climate and myriad attractions of Florida can be understood in terms of their appeal for such groups. Indeed, of the TripAdvisor top ten Travelers’ Choice Hotels for Families in the US, the Orlando/Kissimmee area claimed two of the top three spots.

Philip Button, Managing Director of specialist property investment firm Brookes & Co, travels regularly to Florida with his two sons. He comments,

“I’m lucky that my work takes me to Florida every 6-8 weeks, but I also travel there for pleasure trips with my family as well. Orlando is an outstanding city, with something to offer everyone. I saw from the Visit Orlando figures released recently that Orlando has now been confirmed as attracting more visitors in 2013 than New York – a record-breaking 59 million, in fact – and I can completely understand why.”

Button’s work sees him regularly inspecting the progress of the development underway at The Fountains at ChampionsGate, where Brookes & Co are working in partnership with Floridian developer Feltrim to offer high end three and four bedroom villas as investment properties to the UK market. Button himself is buying there – with villas available from £212,512 and US mortgages available, he sees it as the perfect family investment, explaining,

“Buying at The Fountains makes sense to me as a parent. I can use the villa for six weeks completely free without compromising my rental income. For the rest of the year, it will generate an income at the same time as allowing my capital to grow.”

The popularity of The Fountains with Brookes & Co’s UK clients has shown the resort’s family appeal. The majority of buyers have been family groups, with two or three generations of family attracted to the lifestyle element of the investment, as well as the healthy financial returns.

Of course, family holidays aren’t always perfect. 85% of the TripAdvisor survey respondents admitted to wanting to escape from their family at some point during their trip. Thankfully The Fountains has access to 36 holes of Greg Norman-designed championship-level golf course on its doorstep, offering the perfect solution for when the family holiday involves just a little too much time with the family!

For more information, contact Brookes & Co on 01621 875 925 or info@brookesandco.co.uk, visit www.brookesandco.co.uk or meet the team online.