We do like to buy beside the seaside

While the British have always enjoyed heading to the coast for a holiday, the hot weather and increasing hassle of foreign travel have led to the tide turning in recent years as waves of people are either selling up and shifting to the shoreline or buying a holiday home there instead of abroad.

Rather than add to their carbon footprint or endure the threats of air tax and terrorism, Brits have been banking on a home or second home by the seaside in their own countries. The signs seem to have been there for several years as the Spanish property market recently suffered a severe shortfall in homebuyers and Britain’s coast has seen some of the highest rises in house prices. Popular areas include the south east (for those who still wish to be close to London), Wales (for those who really want to escape the rat race), and perennial favourite, Brighton.

Apart from the obvious appeals of the lifestyle there are sound financial reasons to these moves. Boosting these surges in investment are changes in holiday home mortgages which have provided more money with interest-only repayments to make inflated house prices more affordable and have served to undercut normal residential mortgages. People are also making their money go further by remortgaging their current homes to fund a move for a cheaper property. This has been observed by Natwest Mortgages.

With many seaside towns regenerating after having faded to a shadow of their former glory there appears to be the chance to make the most of the burgeoning price boom if enterprising individuals get the timing right. Towns such as Hastings in East Sussex and Filey in North Yorkshire are undergoing massive investments to reverse decades of decay and could be seen as ripe for the picking as people get competitive mortgages, loans to renovate and redecorate, and then sell on the holiday homes once property prices have peaked

The cheap and cheerful image of the seaside still lives on though. Although these homes are well-insured, the effects and equipment are decent but inexpensive. Borrowing money in the short term can also help with some of the expense. Second-hand furniture means it doesn’t matter if there’s a bit of wear and tear and it adds to the character of a holiday home. Good landlords make their places a home from home where their tenants can relax and unwind.

ASDA Home Insurance recommend second homeowners note that policies on second homes can cost more depending on circumstances such as length of time the property is occupied and location. These can affect the premium as second homes may not be inhabited all year round. Specialist second home insurance can also be found at Intasure.