20
Aug
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.
