Between 2001 and 2009 the average price of a UK property in a seaside town increased by 92 per cent, according to new figures.
This could tempt a number of people aged over 55 years who live by the sea to take out an equity release plan and utilise some of the cash that may be tied up in their property.
According to the data from the latest Halifax Seaside Town Review, coastal houses outperformed those in the rest of the country, where prices increased by 81 per cent.
Homeowners in Padstow, Cornwall could be particularly encouraged by the news, as the figures showed that the average house in the south-west town increased in value by 211 per cent during the same time period.
Houses bought for £135,677 in 2001 were worth £421,954 last year, according to the report.
Martin Ellis, housing economist at Halifax, said: "Living on the coast offers many attractions, including a typically high quality of life and attractive surroundings."
Homeowners who are curious about how their home could help fund their retirement can find out with equity release advice from Key Retirement Solutions.
Posted by Richard Planner
