‘Surge’ in coastal property prices

New figures from Halifax have indicated a rise in house prices located in seaside towns over the past year.

Research from the financial services provider revealed that about a third of 117 coastal towns have seen property values rise by at least ten per cent over the 12-month period ending in March, which consequently may impact upon consumers’ ability to make secured and home loan repayments.

Managing director Colin Kemp said: "Seaside towns have generally seen firm house price performance over the past year.

He added that although seaside resorts often increase house prices in surrounding towns there are still "some opportunities" for home buyers in areas such as Sussex, Kent and North Yorkshire.

Girvan in Ayrshire and St Mawes in Cornwall were reported to have driven growth with house prices rising by 41 and 26 per cent respectively.

Last week, managing director of SmartNewHomes.com David Bexon suggested that interest rate rises and stamp duty costs are making property increasingly unaffordable for prospective first-time buyers.

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