- Tue 08 Apr 2014
With the ever lengthening daylight hours, warmer temperatures and the early greening of the landscape in Somerset, Devon and Cornwall, this year there is evidence of an increased number of buyer enquiries for 2nd home/ holiday home purchase registered via our coastal offices.
The increase in such enquiries especially this early in 2014 reflects a number of key factors that may set this year apart from the last ten years, heralding the return in larger numbers of the “Holiday Home Buyer”.
On analysis it seems the following factors have all come together to make this the trend for the housing market in the South West for 2014.
1. As can be seen from many published property articles this year the property market is on the move with transaction volumes returning to those of a more normal market place.
2. We cannot deny the two-speed economy in the UK, with London and the South East operating within its own heightened economic bubble and therefore there are many buyers in the market with spare cash to spend on an investment or for a bolt hole in their busy working lives. The South West is attracting this interest
3. Early indications suggest interest for holiday home investment is being registered from those with a pension pot who are no longer shackled by having to invest in a poor return annuity (changed by The Budget) and can be more creative with their investment.
4. There has been a natural build-up of demand from those buyers seeking the holiday home dream over the time period of the recession, who, for the first time, feel confident in moving forward to make that purchase they were not confident to do during the recession.
Demand from such buyers is catered for in the South West by a wide variety of homes, from coastal holiday apartments, holiday lodges within holiday parks, or the second hand market generally. Location is the key factor however and many developers are planning for this resurgence.
An example of such a development, that will cater for those seeking an investment, for retirement or as a holiday home, can be seen at The Cove at Fishcombe Brixham, where 34 two-bedroom properties are being redeveloped with two and a half acres of secure gardens opening to the cliff top with the majority enjoying views across the bay and down to Fishcombe Cove and the surrounding National Trust land.
With potential 10% + yields, early indications from interest in this development are good with forward reservations ahead of the launch later this month. Prices are affordable from £149,950 to £210,000.
As the Summer draws nearer no doubt holiday home buyer enquiries will increase and this will further indicate the South West’s appeal as a destination to live in.
Details of The Cove can be gained from Bradleys Estate Agents Brixham office Tel 01803 882715 or by contact us at Brixham
Bradleys Land & New Homes Director