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With rumbles from all kinds of sources predicting a slow down or even stagnation of house prices for 2008, many property investors must be wondering where to put their money after several years of spectacular results in the domestic housing market.
Figures from Knight Frank indicate that properties in exclusive seaside resorts are set to grow at twice the average rate this year and possibly four times the rate next year. With some predictions for average house price increases for 2008 coming in at a maximum of 4% growth, 15% for a seaside property sounds incredible.
Already properties in Cornwall, Norfolk and parts of the South Coast are selling at prices one would expect in Central London according to the agency. Prices for properties in Padstow and Sandbanks near Poole already match Fulham at £1000 per square foot.
The big question comes when you consider who has the wealth to invest in these properties and it's not likely to be the small-scale buy-to-let investor who hopes to cover their mortgage with rental income. These types of property are normally sold to wealthy individuals as a second home, and as long as the economy and the city continue to thrive there are likely to be plenty of those ready to snap up homes as they become available.
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