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Use a cheap mortgage to buy seaside home

Date: Tue, 30 Aug 2005

People planning to live near the UK coast may have to find a cheap mortgage to fund their seaside move as coastal property prices increase.

Halifax Estate Agents estimate that many homeowners are paying a premium for living so close to the water and the influx of holiday home buyers could push prices up even higher.

The annual study examined house prices over a ten year period and revealed that 17 of the 20 most popular seaside locations with the highest housing price rises were in either the South East or South West of the UK.

However, over the last 12 months there appears to be a greater increase in the North of England, with areas such as Maryport in Cumbria experiencing a 42 per cent rise in property prices.

The most expensive costal resort remains Sandbanks in Dorset – with an average house price of £531,280. Meanwhile, homebuyers looking to move to the seaside on a budget could do well by investing in properties along the North east coastline as prices remain low.


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