There’s probably not a British person alive who doesn’t look back with fondness on happy childhood days spent playing at the seaside. In fact, it’s almost certain that this sense of nostalgia has something to do with the popularity of seaside holidays in the UK, where every year hundreds of thousands of Brits will forgo a foreign excursion. In favour of a more traditional vacation in places such as Blackpool and Southend, whose popularity soared with the advent of ‘pleasure palaces’ in the Victorian era.
Property prices throughout the UK have increased by approximately 30%. That is – all properties except for seaside properties, which have been estimated by Halifax to have increased in value by a whopping 60%. But this can be good news for investors who are looking to flip their properties, and has been especially welcomed by property buyers who are in the ‘fixer-upper’ market.
Geography Affects Price
Victorian seaside resorts still prove to be excellent investment choices for property buyers who are looking to get into the coastal property rental market. In fact, the older northern seaside towns such as Blackpool often make excellent choices for investment due to their relatively low property prices, especially when compared to coastal towns in the South. In 2012 the average house price in Blackpool was £104,747, whereas Salcombe in Devon and Sandbanks in Dorset both boasted average property prices which rose well above the £520,000 mark.
Investigate Non-Traditional Purchasing Options
This top tip is applicable to almost any property purchase – not just those conducted in coastal towns. Sticking solely to traditional purchasing routes will result in you inevitably missing out on a distinctive section of the property market. There are thousands and thousands of property owners who decide each year to forgo the services of an estate agent and instead sell their property at auction, through a property buyer bureau or privately. In fact, it may help you to investigate how properties are sold by these methods, so that you can get ahead of the game when it comes to making an investment.
Invest in a Geological Survey
If your seaside property of choice happens to be situated on the coastline itself, you may well be congratulating yourself for having invested in such a prime piece of real estate. But it’s always worth getting a geological survey done before you sign on the dotted line, otherwise you may end up with a very expensive property that’s either full of sand or not there at all, thanks to coastal erosion.