Summer to see boom in coastal housing markets
Tuesday, 03 Jul 2007 15:42
British coastal towns are growing in popularity
The summer is set to a see a boom in coastal housing markets, research out today reveals.
A survey of home buyers by PropertyFinder.com shows Britons are increasingly looking to buy a holiday home in the UK, rather than an overseas property.
The property website explained eco-friendly attitudes were leading to more people holidaying in Britain, and also becoming more interested in buying a UK holiday home.
The survey finds 47 per cent of Britons would like to own a holiday home. Around 500,000 households currently own a second property, with around six in ten located in the UK, mostly in the south-west (25 per cent) and south-east (23 per cent).
The website explained house prices in popular coastal holiday towns, such as Rock in Cornwall, were becoming micro markets, "ruled by demand factors independent of those influencing the general market".
"Many coastal towns are already property hotspots, but we can expect prices in popular UK holiday destinations to rocket compared to the market in general," commented Warren Bright, chief executive of PropertyFinder.
"People looking to buy second homes may do well to broaden their search from the prime locations - by moving just a few miles inland from the coast, properties are often much more affordable and a good investment.
"In certain places, second home ownership has become a problem, and we welcome proposed government legislation to more tightly control the use of properties as second homes."