Seafront property sales remain strong

Posted: 21 Aug 2008 13:39:24 GMT

            Property News - Seafront property sales remain strong

Despite downturns in the housing market in certain parts of the country, seafront property remains in strong demand, according to a property investment company.

1st Property Investment, which specialises in real-estate investment across the UK, explained that people selling seafront properties will attract older buyers with more savings, who are less dependent on securing a beneficial mortgage.

Andy Smith, managing director of the company, noted that many 'baby boomers' have cash and are free from the restrictions of an existing mortgage.

"Those sort of places which are historically more prime locations and are more lifestyle choices are tending to do pretty well out of it because the type of buyer they attract tend to be older and wealthier.

"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."

Last year, Rock in Cornwall was the best performing seaside town according to the Halifax Estate Agents Seaside Town Review, with average prices increasing by 28 per cent throughout the year - from £282,097 to £361,838.

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