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  • In the Spotlight

    A shore thing - coastal property spotlight



    Savills have issued a report on the enduring appeal of waterside and coastal properties:

    A SHORE THING

    As a result of the diverse range of property types on offer, living by the sea appeals to a wide range of buyers.

    The vast majority of prime waterfront buyers are domestic, with only 8% coming from overseas. Of those moving from within the UK, 70% are buying their main residence.

    This means the prime coastal markets have been less impacted by the 3% stamp duty surcharge, introduced in the spring of 2016, than was expected.

    Even in the South West, which is seen as a hotspot for second home owners on the coast, those buying their main residence make up 65% of the prime markets.

    Coastal properties often appeal to empty nesters, who are looking to downsize or relocate after children have left home.

    Just over half of Savills waterfront buyers in the past two years have been aged over 50, and this figure increases to almost three quarters in the South West. Over half of them are also buying with cash which means the prime coastal markets have been less affected by mortgage constraints in recent years.

    Whilst coastal properties will often be sold to local buyers looking to upsize or downsize within these areas, living by the sea also attracts buyers from further afield, particularly those moving from London in search of a complete lifestyle relocation.

    In the South West, 21% of coastal buyers come from the capital, whilst in the East of England this figure is as much as a third.



    Full/source report

    SEE ALSO  -          Coastal property rocks ... !

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