With all of our recent sunny weather in the UK, many people may be increasingly tempted to give up the city life and head for the coast. Alternatively, perhaps a coastal property to rent out is the perfect solution in order to enjoy the best of both worlds, as well as being quite lucrative in the buy-to-let market, particularly in these summer months. In a recent article by This is Money, they reviewed some of the best areas to purchase buy-to-let properties. They found that the coastal towns of Brighton, Southampton and Bournemouth all made the top 10 list. Using our homemover data, we decided to take a closer look at those three areas to compare and examine the property market stats.
On the Market Properties
The city of the Titanic and home to many of the major cruise liners, the average asking price for a property in Southampton is £400,341 and the average time on market is 120 days, before the property is either bought or withdrawn from the market.
Bournemouth's attractions include the 7 miles long award winning beach and it's abundance of Victorian Architecture. The average asking price for a property in Bournemouth is £442,535 and the average time that property is on the market for is 132 days.
Prefer somewhere with closer links to the capital, Brighton is perhaps the better option, with direct train routes running regularly. Brighton is also known for it's many independent and quirky shops, bars and cafes throughout the lanes. The average asking price for a property in Brighton is £405,627 and the average time that a property is on the market for there is 117 days - the shortest amount of time out of the three places.
Rental Market Properties
The average asking price for a rental property in Southampton is £1,159 per calendar month (pcm) and the average time that a property is on the market for before being let or withdrawn is 133 days.
The average asking price for a rental property in Bournemouth is £1,209 pcm and the average time that a property is on the market for is 118 days.
The average asking price for a rental property in Brighton is £1,293pcm and the average time that the property is on the market for is 86 days.
These figures suggest a slightly different story to the for sale asking prices, with Brighton being the most expensive area to rent - as well as the highest in demand with it's relatively short time on market - whilst Southampton remains the cheapest.
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