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Have you considered the north for holiday home investment?

6th July 2009 | back to article listings BACK    print this article PRINT

When people think of investing in the UK's seaside holiday homes market, destinations such as Devon and Cornwall probably come quickest to mind. Strong tourist industries boosted by some of the driest and hottest weather in the country make these locations particularly appealing. However, with high demand comes high prices and for those looking to get into this market, the seaside towns of the north of England could provide a cheaper option.

The latest Halifax Estate Agents Seaside Town Review revealed that the ten most affordable seaside towns for property in England and Wales are all situated in this region. Whitehaven in Cumbria topped the list, ahead of Withernsea, Maryport, Morecambe, Blyth and Fleetwood. Bridlington, Hartlepool, Seaham and Blackpool rounded off the rankings, which were determined based on how much lower average house prices are compared to what someone with an average income can afford to pay.

Maryport made the list despite average house prices increasing by 177 per cent between March 2001 and 2009. This made it one of the biggest growing areas over the time period, behind Rock in Cornwall (200 per cent) and Pwllheli in Wales (206 per cent). The average property in the town was valued at £113,641 in March, while the price was £308,073 in Rock and £217,253 in Pwllheli. It was the third cheapest town on the list of locations with the biggest increases, with Withernsea (£109,918) and Seaham (£109,911) the only two places ahead of it.

Meanwhile, Sandbanks in Dorset was named as the most expensive location. While Whitehaven and Withernsea both had price/earnings ratios of 3.7, Sandbanks' was measured at 21.7. This is over five times greater than the overall average of four that was recorded for the country's 96 seaside towns.

Commenting on the figures, Nitesh Patel, housing economist at Halifax, said: "Property in many seaside towns continues to trade at a premium compared to England and Wales, due to the desire of many people to live near the coast. Living on the coast has many unique attractions, such as the climate, exceptional quality of life and the landscape.

"Since 2007, housing affordability has improved in most seaside towns due to lower house prices and higher gross earnings. Affordability has improved most in seaside towns in Wales, northern England and East Anglia."

People looking to buy a seaside property in the UK might wish to do so soon, as experts such as David Miles of the Bank of England's Monetary Policy Committee have predicted that major drops in house prices may have come to an end.

This is a press release by Assetz also available at http://press.assetz.co.uk/articles/4871.html. Alternatively, please see our full press release archive.

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