A conveyancing firm says the buyers at former retirement hotspots such as seaside towns are getting younger because mainstream purchasers are obliged to look further afield to find affordable property.
The result, according to My Home Move, is that older retiree purchasers who were the traditional staple of seaside towns now find that prices are too high for them.
The firm’s records suggest seaside home buyers now average their mid-40s, some five years younger than in 2012. Many of the newest buyers are those relocation from Greater London, as the capital’s property prices rise by 44.9 per cent in four years.
Of the 12 seaside locations found to be the most popular relocation destinations for Britain’s home movers, according to My Home Move’s records, all saw property prices increase over the four year period.
The ages of the buyers decreased across nearly all of the places analysed with Poole in Dorset now attracting the youngest buyers at an average age of 46, while property prices there have increased by 23.8 per cent since 2012.
“The flipside of this is that while the towns we looked at are affordable for city workers, for those who are retired or nearing retirement age the chances of affording a home in a traditional seaside town - places that were once popular with retirees - appear to be dwindling” says a My Home Move spokesman.
The locations looked at were Bognor Regis, Bournemouth, Eastbourne, Margate, Torquay, Poole, Skegness, Weston-Super-Mare, Clacton-on-Sea, Leigh-On-Sea, Whitstable, and Aldeburgh & Woodbridge.
The exceptions from the research undertaken were Clacton-on-Sea and Skegness. Both of these towns saw modest increases in property prices, as the average age of people choosing to relocate there rose by 17 and 20 years respectively.