BARGAIN HOMES IN THE SUN; Prices are now half what they were in Spain and Florida.(Features)

HOLIDAY homes are affordable once again... which means that, for the first time in more than a decade, many of us can start to dream of buying a place in the sun.

Over the last year, property prices in Spain and Florida have fallen to less than half what they were just five years ago in 2006.

And experts say that, with no sign of the market recovering in either place, 2011 will see more and more of us taking advantage.

The Costas and the US are flooded with repossessions - and, with the banks desperately trying to offload and recoup their losses - there should be some real bargains out there. The price of an average family home in Florida, for example, has fallen from pounds 159,500 to pounds 85,000 in the last five years.

KAREN ROCKETT meets two British couples who have bought repo bargains in Spain and Florida...

Spain

IF you go by official figures, the Spanish market has declined by around 20 per cent from its peak.

But many agents say they have properties for sale at half their original prices.

Paul Williams, of Villa Cashback, who specialise in the Polaris World resorts in Murcia, south-eastern Spain, says the local banks offer some very special deals for Brits. He says: "They are offered to UK customers with mortgages of up to 90 per cent from the Spanish banks at low interest rates, currently just 2.5 per cent per annum.

"Last December was our busiest month in three years."

Buyers concerned about long-term value should stick to the Costas rather than buying an older, traditional home inland in the so-called "white villages".

One reason is that many budget airlines have stopped flying to smaller destinations - but will always fly year-round to places such as Malaga and Alicante.

Ben Walker, of Spanish bank repossessions specialists PropertyinSpain.

net, says: "The signs are there will be some eye-watering property deals around in 2011 as the Bank of Spain and the country's economic woes increase the pressure on banks to make an urgent dash for cash."

And Spanish banks are likely to come down hard on homebuilders who default on loans, so there could be some prime new-build property at knock-down prices for savvy buyers...

'We couldn't have afforded a penthouse three years ago'

ANDREW Lee, 40, a self-employed joiner from Driffield, East Yorks, and his wife Caroline, 39, bought a repos-sessed two-bedroom penthouse apartment at the Hacienda Riquelme in Murcia.

The couple paid pounds 105,000 for the apartment in the Polaris World golf resort.

It was val-ued three years ago at pounds 250,000. An-drew said: "We love Spain but would never have been able to afford a pent-house apartment like the one we've got when we first looked.

"Then we began looking on the Ride internet after the collapse of the Span-ish market and saw this penthouse with views of the pool, the golf course and the mountains and couldn't believe the price."

The Lees - who have two children Aaron, 11, and Amelia, six - have been out to stay in their apartment six times since they bought it last February.

They paid a 10 per cent de-posit and scraped togeth-er the rest with-out the need for formal borrowing. Andrew said: "The kids love it out there and the short flying time is a bonus."

For sale

HACIENDA RIQUELME, MURCIA

TWO bedroom, one bathroom apartments, communal pool and views of the golf course. Repossessions from pounds 72,300. More info: Polaris World, 020 7060 1475.

CANDADO DE ALHAMA, MURCIA

TWO bedroom, one bathroom apartments, communal pool and golf course views, site next to favoured land for the Paramount theme park. From pounds 60,500. More info: Polaris World, 020 7060 1475.

Florida

BUYING opportunities in Florida are probably the best ever, according to local agents.

One, Michelle Iglesias, says: "Who knows if we'll see prices like today's in Miami Beach again?" Analysts predict that the market will not bounce back until the banks get rid of all their foreclosed properties and there are more jobs in the region.

In the Miami area alone banks repossess about 5,000 homes a month for unpaid mortgage payments.

So where in the sunshine state is your best bet to bag a bargain? In Orlando, buyers can pay pounds 90 per square foot, which is down from pounds 160 in 2006, and in Sarasota prices that were pounds 224 per square foot are now as low as pounds 30. It means the price of the average family home in Florida has fallen from pounds 159,500 to pounds 85,000.

Sarasota was recently highlighted on American TV as the top place in the whole of the US to buy a home and is known for its fine restaurants, beaches, shops and lifestyle.

Prices are at 2002/2003 levels and, with housebuilding continuing to take place, there is plenty of proerty on the market. Central Florida, with attractions such as Universal Studios and Disney World, should experience a quicker comeback than most, while South Florida is THE place to buy a condominium (apartment).

Charles Peerless, of Winkworth International, says: "With low prices on a wide range of top quality luxury homes and condominiums in world class developments, combined with a favourable exchange rate and low interest rates, buyers who seek sun, golf and wide ranging lifestyle attractions can now buy a home here for about half what they would have paid in 2005."

'We feel we've got a bargain.. it's far bigger than we'd hoped' Delight... and Lausanne Churchman

SIMON Churchman, 40, a leisure manager and his wife Lausanne, 39, bought a four-bedroom detached house in Claremont, Florida, for pounds 85,000 last year.

The spacious home with garden and swimming pool was a "short sale" - a repossession where the bank allows the owner to stay in it until it is sold.

Simon says: "We were not expecting to be able to afford such a big property.

"At the peak of the property boom our house was worth pounds 252,590, so we feel we really got a bargain."

The couple, from Market Harborough, Simon Leics, sold Lausanne's previous home in the UK and borrowed money from her parents to buy the Florida property.

"British Homes Group put us in touch with an estate agent in Flori-da," Simon says.

"We had a pounds 90,000 budget, although you can buy good sized properties for pounds 50,000.

Monthly outgoings are expensive, though, with utility bills and maintenance costs at pounds 280 a month."

Much of the cost is water rates, as we are obliged to keep the garden looking nice. We pay a management company to sort it out."

For sale

LEGACY PARK, DAVENPORT

DETACHED four bedroom three bathroom house with private pool. Shor t sale: originally pounds 307,300, now pounds 140,000. More info: British Homes Sales Florida, 001 863 557 6443.

TRAFALGAR VILLAGE, KISSIMMEE

FIVE bedroom, three bathroom detached house with pool original ly worth pounds 350,000, now on for pounds 149,900.

More info: www.escape2usa, 0800 567 7116.

CAPTION(S):

pounds 85k Four-bedroom house in Claremont cost pounds 252,590 at its peak Ride choice... Andrew Lee with Amelia and Aaron Delight... Simon and Lausanne Churchman