Downsizers 'pushing up seafront prices'

Baby boomers downsizing from large and expensive homes are helping to push up the price of seafront and waterside property higher and further than other homes, an expert has stated.

The managing director of London-based specialist firm 1st Property Investment Andy Smith said that a common practice is for the older generation to sell up a large home in London and split the money accrued between a second home abroad and a waterfront property in Britain.

As a result, in locations all over the country the finite level of seafront available means such homes are costlier, he added, stating: "For example if you look at somewhere like Swansea, a house on the waterfront is about £50,000 worth of difference. It's very similar in any area."

Those who want to live in a home with a sea view but find themselves unable to afford a seafront home may look to carry out a plot search in order to find any appropriately situated land that is available for a self build project.

South-west England is the most expensive region in Britain for seaside property according to figures from Halifax published earlier this year, containing nine of the ten highest priced locations.