21 Aug

Seafront housing trend 'driven by downsizing'

Seafront housing trend 'driven by downsizing'

The propensity for house prices to rise in seafront areas is being driven mainly by older people who are downsizing after selling bigger homes for large amounts of money, it has been stated.

Andy Smith, managing director of London-based specialist firm 1st Property Investment, said the common trend is for people from the 'baby boomer' generation to sell expensive homes in London and buy two more, one being overseas and one at a waterside location in the UK.

This is pushing up prices as the finite amount of seafront property is being snapped up by this group, he added, stating: "For example if you look at somewhere like Swansea, a house on the waterfront is about £50,000 worth of difference. It's very similar in any area."

Another such area is the Ocean Village development in Southampton, where the average Waterfront home is 40 per cent more expensive than those inland, he added.

Figures from Halifax this year revealed that of all the UK's seaside towns, nine of the most expensive were in the south-west, with the list being topped by Sandbanks in Dorset at an average of £628,014.

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