Seaside towns on West Coast have booming property markets: Halifax |
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Tue, 29 Aug 2006 10:15
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LONDON - The latest report from Halifax, Britain’s biggest mortgage lender, recommends that anyone interested in playing in the property market will be best served by investing in the West Coast seaside towns. Property prices in towns/resorts like Budleigh Salterton, Bude, Lyme Regis, Caernarfon, Pwllheli, Rhyl and Lytham St Annes have soared since 2001 and in some cases even doubled.
The Halifax figures, taken from Land Registry data show that the boom has been spurred mainly be second time buyers who want to spend their holidays leisurely lapping up the waves. Mumbles, a resort near Swansea commands prices of £243,704 for a decent property. This figure is almost £100,000 more than the average price in the region.
Pwllheli is the star town with property prices increasing by a whopping 176 percent over the last five years. Sandbanks in Dorset on the West Coast is the most expensive town, the Halifax report said. The average house price here is £508,337 at least 62 percent more than the highest priced East coast seaside town.
"Seaside towns on the west coast have generally seen the largest house price increases over the past five years. Welsh seaside towns have recorded the strongest gains," said Colin Kemp, managing director of Halifax Estate Agents. "Overall, coastal towns still offer value for home buyers. The majority of the towns we surveyed still have a lower house price than the average in their region."
Only three seaside towns have average house prices less than £100,000. They are Withernsea, Blythe in Northumberland and Hartlepool in county Cleveland.
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