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Sales of holiday homes near the coast have surged over the past six months, with holiday let mortgages for properties in Wales almost doubling since September 2020.
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Figures from Hodge Bank has revealed the most popular destination for holiday let buyers is the South West at 39%, followed by Wales at 19% and the North West at 12%.
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Welsh purchases have almost doubled since September 2020, increasing from 10% to 19%, with coastlines around the North, including Pwllheli, Holyhead and Llandudno proving hugely popular for holiday homes.
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The data also shows that the average age of a holiday let mortgage customer is 51.
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Hodge customers are willing to spend on average £403,143 on a holiday home – nearly two thirds higher than the average house price in the UK of £252,000.
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Of those purchasing a holiday home, 35% remortgage their existing home to finance their holiday home while 65% take out a new holiday let specific mortgage.
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With travel hugely restricted and people re-evaluating their holiday plans during the COVID-19 pandemic, the data shows that customers clearly want to head to the coast, with beach resorts in the South West proving hugely popular.
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Newquay, St Ives and Penzance in Cornwall are real hotspots as are Wadebridge, Padstow and Port Isaac.
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Over the past six months, Wales has also soared in popularity, especially around the North West in Pwllheli, Holyhead and Rhosneigr.
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Devon also holds a lot of appeal, with the likes of Bideford, Ilfracombe and Barnstaple proving popular.
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The least popular regions with only 1% of purchases are Greater London and the East Midlands, with West Midlands and the South East at 2% for those buying holiday lets.
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Emma Graham, business development director at Hodge, said: “Many people have not been able to holiday abroad for more than a year now and staycations have therefore become hugely popular.
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“We think this has almost certainly led to people re-evaluating their finances, as well as holiday plans and the holiday let market is looking very healthy.
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“Given the appetite for a holiday by the sea, it’s no surprise that homes near the beach or coast are the most popular for holiday homes.
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“In 2019, Hodge launched a mortgage designed for those wanting to own a holiday let property in the UK after seeing an increase in enquiries.
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“We saw a gap in the holiday let mortgage market for a customer-friendly product that allows owners to stay at the property for a longer period, as well as the ability to use letting sites.
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“Customers can borrow up to £1m and there is a maximum lending age of 95.
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“In addition, we have the unique Hodge Early Repayment Promise, which means if the customer sells their home and moves out, and pays off their mortgage completely, we’ll waive the Early Repayment Charges – giving them one less thing to worry about.
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“Following Brexit and the COVID-19 pandemic, we think staycationing is here to stay and we want to help would-be holiday homeowners make that all-important purchase.
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“We are able to offer customers up to three holiday let mortgages too, so if they want to purchase a property in more than one location, we can help.”
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By Jessica Nangle
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Source: https://uk-mortgagebroker.co.uk/news/
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