Surf's up in Britain's new property hotspots
Surf's up in Britain's new property hotspots
Some new hotspots are emerging in the British property market thanks to their surfing credentials. The Times explains how some northerly towns are seeing a surge of interest from house-hunters and landlords hoping to ride the wave of success.
Saltburn in Cleveland is one area in the
north of England popular with investors. Estate agent Fiona McCann, from Reeds Rain in the town, remarked how surfers are marking their mark on the rental market: " A lot of their [the surfers'] landlords live down south. At least 50 per cent of the properties bought up here are for investment." McCann went on to explain that although the town might appear expensive in comparison with the surrounding area, it is still "really cheap" compared to areas such as Cornwall.
Just six miles from Newcastle, Tynemouth is now firmly on the UK surfing map, second only to Cornwall, according to one expert. The town, a conservation area full of 18th and 19th century properties, is now "one of the most sought after coastal spots," the paper states. One surfer, Chris Hooper, purchased his three-bedroom semi-detached house for £300,000, almost twice the average price of a a two-bedroom semi-detached house in the wider region of Newcastle upon Tyne (£157,539), according to figures from the Land Registry. Another area where things are looking up is Scarborough; local agents say that the demand for rental property is increasing.
Land Registry data shows that property prices in Saltburn are steadily increasing; the cost of an apartment has gone up 27 per cent between March 2007 and March 2008. Similarly the average price of a terraced house in Tynemouth has risen 46 per cent in the same period.
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27 May 2008
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