Coastline properties could lose 15% of value says National Homebuyers
New rules regarding public access to all parts of the English coastline could lead to house prices falling by up to 15 per cent - potentially leading to a surge in people seeking a fast property sale.
[UKPRwire, Wed Apr 23 2008] That is according to Smiths Gore which highlighted some of the problems posed by the proposals.
The government has put forward plans to make the entire English coastline accessible to the public but the firm claims that this will ruin some properties.
"If you're buying a house where you can look out of the window onto the sea - [but] you can see people walking in front of your house, you'd probably pay less for it," said Jason Beedell, head of research at Smiths Gore.
"We got details of 26 properties which would be affected by the proposals. Eleven of them already had existing access… and the valuers said that the proposals wouldn't have any affect on those values.
"For the other 15 properties, which ranged from plain farmland, leisure properties, through to houses, the average impact was a ten to 15 per cent fall in property value," he added.
The revelations may lead to a surge in people seeking a fast property sale in order to get as much money for their coastline properties before prices fall according to the UK's leading property purchasing organisation, National Homebuyers. "We have seen thousands of people contacting us each week to discuss the quick property sale route", says director Julian King.
"People are naturally worried about losing the ability to maximise value in their properties and the delays, costs and uncertainties of selling on the open market are simply not a valid route for many".
National Homebuyers also provides repossession and mortgage rescue solutions such as Sell and Rent Back where the homeowner can sell property quickly to release cash, but remain living in their home.
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