Insurance News Archive

Seaside property 'appealing to those with cash'

Seaside property could be a good sector to buy into because of its appeal to baby boomers who can purchase with cash, according to 1st Property Investment.

Andy Smith, managing director of the property specialists, commented that lifestyle choices are becoming more important to those without a mortgage who are looking to retire.

Because of this, markets in seaside areas are "driven by people who buy because they choose to, it's not something they have to do", making them good places to invest.

He said that, on average, waterfront properties are bucking the housing market trend because of this.

The Halifax Estate Agents Seaside Town Review found that Rock in Cornwall was the best-performing seaside town in Britain last year, with the average cost of a house there rising by 28 per cent from £282,097 to £361,838.

Between 2002 and 2007, Seaham in County Durham recorded the biggest house price rises of the places surveyed, with a 193 per cent increase in average prices.

21 Aug 2008