Baby boomers flock to seaside property Published: 19/08/2008

The seaside property market is extremely popular among the baby boom generation, but proving extremely difficult for first-time buyers, according to an expert.

Andy Smith, managing director of 1st Property Investment, said those who buy seafront properties do so out of choice rather than necessity.

Seaside property owner are therefore likely to be older people who do not have to rely on mortgages to afford their property.

According to the Halifax Estate Agents Seaside Town Review, Rock in Cornwall saw property price increases of 28 per cent, making the average property there now worth £361,838.

Next in line was Sandbanks in Dorset where the average house price went up by 22 per cent.

Mr Smith said the baby boomer generation "buy cash" in order to purchase property and so do not have a mortgage.

He said: "They think that the interest rates are fabulous. It means they earn more income at that stage, but for first-time buyers it's a hell of a market to try and get into.

"Those sort of places which are historically more prime locations and are more lifestyle choices are tending to do pretty well out of it because the type of buyer they attract tend to be older and wealthier. They don't rely on mortgages. These places are driven by people who buy because they choose to, it's not something they have to do.

"I think waterfront properties will also buck the trend based on that. It depends on your area obviously. It's all supply and demand."

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