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Sales of holiday homes on the coast surge

Sales of holiday homes near the coast have surged over the past six months, with holiday let mortgages for properties in Wales almost doubling since September 2020.

Figures from Hodge Bank has revealed the most popular destination for holiday let buyers is the South West at 39%, followed by Wales at 19% and the North West at 12%.

Welsh purchases have almost doubled since September 2020, increasing from 10% to 19%, with coastlines around the North, including Pwllheli, Holyhead and Llandudno proving hugely popular for holiday homes.

The data also shows that the average age of a holiday let mortgage customer is 51.

Hodge customers are willing to spend on average £403,143 on a holiday home – nearly two thirds higher than the average house price in the UK of £252,000.

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Of those purchasing a holiday home, 35% remortgage their existing home to finance their holiday home while 65% take out a new holiday let specific mortgage.

With travel hugely restricted and people re-evaluating their holiday plans during the COVID-19 pandemic, the data shows that customers clearly want to head to the coast, with beach resorts in the South West proving hugely popular.

Newquay, St Ives and Penzance in Cornwall are real hotspots as are Wadebridge, Padstow and Port Isaac.

Over the past six months, Wales has also soared in popularity, especially around the North West in Pwllheli, Holyhead and Rhosneigr.

Devon also holds a lot of appeal, with the likes of Bideford, Ilfracombe and Barnstaple proving popular.

The least popular regions with only 1% of purchases are Greater London and the East Midlands, with West Midlands and the South East at 2% for those buying holiday lets.

Emma Graham, business development director at Hodge, said: “Many people have not been able to holiday abroad for more than a year now and staycations have therefore become hugely popular.

“We think this has almost certainly led to people re-evaluating their finances, as well as holiday plans and the holiday let market is looking very healthy.

“Given the appetite for a holiday by the sea, it’s no surprise that homes near the beach or coast are the most popular for holiday homes.

“In 2019, Hodge launched a mortgage designed for those wanting to own a holiday let property in the UK after seeing an increase in enquiries.

“We saw a gap in the holiday let mortgage market for a customer-friendly product that allows owners to stay at the property for a longer period, as well as the ability to use letting sites.

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“Customers can borrow up to £1m and there is a maximum lending age of 95.

“In addition, we have the unique Hodge Early Repayment Promise, which means if the customer sells their home and moves out, and pays off their mortgage completely, we’ll waive the Early Repayment Charges – giving them one less thing to worry about.

“Following Brexit and the COVID-19 pandemic, we think staycationing is here to stay and we want to help would-be holiday homeowners make that all-important purchase.

“We are able to offer customers up to three holiday let mortgages too, so if they want to purchase a property in more than one location, we can help.”

By Jessica Nangle

Source: Mortgage Introducer

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Brits look for UK holiday homes

More than three quarters of Brits (77%) aspire to own a holiday home in the UK, a survey by Park Leisure has found.

Cornwall (21%) is the most popular holiday home location, followed by the Lake District (13%), Yorkshire Dales (9%), Scottish Highlands (8%) and London (7%).

People aged 25-34 are the most likely to aspire to own a UK holiday home (88%), while the Lake District is the most popular among that demographic.

Lisa Williams, director of marketing and holiday sales at Park Leisure, said: “We are seeing a much bigger demand for UK holiday homes, with people looking to invest in their own space, where they can tuck themselves away and escape the worries of everyday life with their families.

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“It’s fantastic to see that Cornwall has been revealed as the UK’s most desirable holiday home spot. With three of our parks situated along the stunning Cornish coastline, we have something for everyone’s taste and budget.

“The beautiful Yorkshire Dales was named the third most desirable location to own a UK holiday home, and our three Yorkshire locations are placed within the heart of the countryside, with amazing walking spots and scenery, which is truly breathtaking all year round.

Read about the UK Housing Market via our Specialist Residential & Buy to Let Division

“When it’s safe to do so, we’re looking forward to being able to welcome our families, and their pets, to enjoy the wonders of their home away from home and explore all that the UK’s beauty spots have to offer.”

People living in the largest UK cities are the most likely to want to invest in a holiday home to escape the hustle and bustle, with people from London (84%), Birmingham (81%) and Manchester (78%) within the top five, alongside Norwich (80%) and Belfast (78%).


Source: Property Wire

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