Properties by the sea are likely to hold their value because they are picked by purchasers who want to move there rather than ones who have to, according to experts in the sector.
First
Property Investment stated that the market attracts buyers who are not reliant on mortgages, in particular those who are older and better off financially.
Andy Smith, managing director of the firm, commented: "[Seafront properties that] are more lifestyle choices are tending to do pretty well out of it because the type of buyer they attract tend to be older and wealthier.”
He added that it was a very difficult market for first-time buyers to get into because the prices were too high.
With the exception of Rock, the 25 seaside towns that have reported the largest rise in house prices are all located outside of the south of the country, reports the Halifax Estate Agents Seaside Town Review.
Rock in Cornwall was the best performing with an average increase of 28 per cent in property value last year.
See Also: Property News (6705)
Date Published: 21 August 2008
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