Seaside town prices squeezing out first time buyers

18-Jun-2007

First time buyers living in seaside towns across the UK are finding that their location is making it especially difficult for them to get onto the housing ladder, it has been revealed.

Research from Halifax has found that at third of the 117 seaside towns assessed saw annual growth rates of at least ten per cent, with that figure rising to as much as 41 per cent in the case of Girvan, a town in Ayrshire, Scotland.

The attractive location of many such areas has led to an influx of less traditional homeowners who do not simply want to put a roof over their head, the report advised.

"Seaside towns have generally seen firm house price performance over the past year. They attract buyers looking for a lifestyle change, along with second home buyers and buy-to-let investors," commented Halifax Estate Agents managing director Colin Kemp.

Last week it was revealed that Brighton was the most popular buy-to-let market in the country.

To find out about the different ways of financing a first home, see our section ‘Affording Your First Home’.

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