Over 50s 'helping to drive seaside property market'

Investment from over 50s with comfortable retirement funds is helping to keep the seaside property market afloat, according to a housing services website.

Research conducted by Halifax earlier this month revealed that average house prices in coastal towns have increased by 115 per cent since 2001, compared to the 96 per cent rise seen in other parts of England and Wales.

Nicholas Leeming, director of, suggested that the continued health of seaside property is partly thanks to investment from affluent over 50s with sizeable retirement funds, whose purchasing power has remained relatively resilient as they do not need to borrow.

Mr Leeming also suggested that older homeowners may wish to take advantage of the current situation to increase their own future security.

He said: "The housing slowdown may also be encouraging older buyers to bring forward plans to trade down the housing ladder, locking in gains on their larger homes in order to maximise their retirement nest eggs."

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