Most people like to head to the seaside, either to relive those carefree childhood days with buckets and spades or introduce their own children to such joys.
United Kingdom of Great Britain & N. Ireland (Press Release) August 18, 2007 --
Most people like to head to the seaside, either to relive those carefree childhood days with buckets and spades or introduce their own children to such joys. Of course, for many living by the sea is a fact of life, either a lifelong one or a lifestyle choice, the second of which provides a potential market for investors.
For those looking to invest in property, the latest Halifax Seaside Town Review has provided one tool for investors to enlighten themselves by. This year, the bank has linked this to its quality of life index of all towns and cities, which adds to the housing market issues such as the levels of employment, standard of schools, health services and the environment in its assessments.
This gives some interesting indicators. For instance, those looking to get the best quality of life in any seaside town should go to Christchurch, rated 28th overall, but would have to pay the highest average house price (£262,472). However, those keen on bargains might note that of the 20 seaside towns with the best quality of life, nine have average house prices below £200,000 and among these are the three cheapest towns, all on the east coast; Bridlington (£139,645) followed by the East Anglian neighbours Lowestoft and Great Yarmouth.
Of course, these figures do not provide the whole story about living near the sea. After all, the Halifax survey covers towns, not cities, so those in larger conurbations are not measured against the 117 locations surveyed. However, there is good enough reason to think that the trends are similar. At £488,761 on average Sandbanks near Poole is the most expensive seaside town and the south as a whole, broadly in line with overall regional trends, is costlier. This tallies well enough with the City of Brighton and Hove, identified last year as Britain's most expensive property hot-spot per sq ft . Similarly, Aberdeen, another city with a beach, has seen the fastest price rises of any Scottish city.
Beyond these trends, there are some other possible considerations. Some areas, for example, suffer coastal erosion, which may threaten houses near the sea and other infrastructure. Whatever the wealth tied up in property in some areas, the amount of money available to combat coastal erosion is "finite", according to Adrian Woodhall, the coast risk assessment manager for the National Trust.
Such considerations may have an impact, for good or bad, in many locations, so it may be worthwhile looking at the prospects for a particular area in terms of the coastal geology and associated risk factors. This may particularly apply to longer-term investments in the south, where erosion is faster than the north.
In short, when it comes to investment in coastal property, all kinds of considerations may be given due attention to ensure the kind of investment made and its location meets the purposes of the investor.
For those looking to invest in property, the latest Halifax Seaside Town Review has provided one tool for investors to enlighten themselves by. This year, the bank has linked this to its quality of life index of all towns and cities, which adds to the housing market issues such as the levels of employment, standard of schools, health services and the environment in its assessments.
This gives some interesting indicators. For instance, those looking to get the best quality of life in any seaside town should go to Christchurch, rated 28th overall, but would have to pay the highest average house price (£262,472). However, those keen on bargains might note that of the 20 seaside towns with the best quality of life, nine have average house prices below £200,000 and among these are the three cheapest towns, all on the east coast; Bridlington (£139,645) followed by the East Anglian neighbours Lowestoft and Great Yarmouth.
Of course, these figures do not provide the whole story about living near the sea. After all, the Halifax survey covers towns, not cities, so those in larger conurbations are not measured against the 117 locations surveyed. However, there is good enough reason to think that the trends are similar. At £488,761 on average Sandbanks near Poole is the most expensive seaside town and the south as a whole, broadly in line with overall regional trends, is costlier. This tallies well enough with the City of Brighton and Hove, identified last year as Britain's most expensive property hot-spot per sq ft . Similarly, Aberdeen, another city with a beach, has seen the fastest price rises of any Scottish city.
Beyond these trends, there are some other possible considerations. Some areas, for example, suffer coastal erosion, which may threaten houses near the sea and other infrastructure. Whatever the wealth tied up in property in some areas, the amount of money available to combat coastal erosion is "finite", according to Adrian Woodhall, the coast risk assessment manager for the National Trust.
Such considerations may have an impact, for good or bad, in many locations, so it may be worthwhile looking at the prospects for a particular area in terms of the coastal geology and associated risk factors. This may particularly apply to longer-term investments in the south, where erosion is faster than the north.
In short, when it comes to investment in coastal property, all kinds of considerations may be given due attention to ensure the kind of investment made and its location meets the purposes of the investor.
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