20 Aug

Seafront property 'beyond influence of crunch'

Seafront property 'beyond influence of crunch'

The credit crunch will have little or no influence on the seafront housing market because of the nature of people buying in it, the head of a property investment firm has stated.

Andy Smith, managing director of London-based1st Property Investment, said the market was essentially a prime one and buyers tended to be lifestyle purchasers who are older and wealthier than the norm.

He explained: "They don't rely on mortgages. These places are driven by people who buy because they choose to, it's not something they have to do."

The price of property in seaside towns has been rising rapidly in recent years, according to figures from Halifax.

Statistics produced in May this year showed that between 2006 to 2007 Rock in Cornwall had the highest increase in price at 28 per cent, while between 2002 and 2007 18 seaside towns saw their average price increase by more than 100 per cent.

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