South coast proving big draw for homebuyers

The seaside town of Eastbourne was the most sought after town in the UK in May, according to the latest monthly search figures from property website PropertyFinder.com.

This is a big jump in the rankings for the town, moving it up from third place in April.

With Brighton at number 13 in the country, the South Downs area of England is proving a big draw.

Other south coast towns such as Southampton and Bournemouth also make the top fifteen.

"Eastbourne appeals to the retirement community who are relatively unaffected by the mortgage freeze as older buyers tend not to need to borrow," said Nicholas Leeming, director of PropertyFinder.com.

"The housing slowdown may also be encouraging older buyers to bring forward plans to trade down the housing ladder, locking in gains on their larger homes in order to maximise their retirement nest eggs.

"Eastbourne is also well within commuting distance to London and appeals to younger families seeking a seaside location but wanting a London income."

The news follows an earlier release from the organisation which finds Brits are willing to pay substantially more for seaside property when compared to urban areas.

Research from the Halifax, also released this week, finds Rock in Cornwall to the most
"The peak second home buying season is earlier in the year as people wish to complete in time to enjoy the summer, so this is behind some of the slowdown. However the overall slowdown in the housing market may also be giving some buyers pause for thought."

Chris O'Toole