Foreign investment fires up South Wales market
An influx of foreign investment has led to a fiercely competitive property market emerging along the picturesque West and South Wales coast, according to the County Homesearch Company.
For the first time, wealthy buyers from Russia, Eastern Europe, China and the Middle East are showing increasing interest in the traditional coastal town houses whose stunning sea views and value for money make them ideal holiday and retirement homes. An increase in foreign investment, renewed activity from local buyers and a shortage of stock has led to Pembrokeshire’s seaside properties continuously achieving their asking price within days of going on the market.
The historic town of Tenby, with its colourful harbour-side cottages, has proven particularly popular. In more than one case houses have been snapped up at the asking-price before even coming on to the market. Traditional four bedroom Georgian town houses with a sea view are available from £375,000, while their three bedroom counterparts with a garden but no view of the water are valued at £225,000.
The dramatic scenery of the Pembrokeshire Coast National Park has a particular appeal, as a cottage in the village of Trefin experienced with a number of viewings and an asking-price offer on its first day on the market. A traditional property with an ancient burial ground in its garden and river waterway views further proved the romantic allure of the area as it received an offer from its first viewing, with a further three cash offers immediately after.
Carol Peett, director of County Homesearch West Wales, comments: “West and South Wales have always been popular with holiday rentals, but only recently are we finding such an influx of outside investment. The area’s recent rise to fame in blockbuster films including Harry Potter and Ridley Scott’s Robin Hood, has seen a number of buyers from across the globe being won over by the stunning scenery here and seeking to buy their own part of Welsh heritage, driven also by the depressed price of Sterling. One client from the Middle East was recently looking for a retirement home in Cardiganshire for one of his wives.
“With such heightened interest and renewed activity from the local market, competition for coastal properties is fierce and we have been surprised by the sheer number of properties being snapped up almost immediately.”
At the very top end of the market, grand six bedroom Georgian town houses with sea views in Tenby sell for £875,000, up from £815,000 two years ago. A 3 bed cottage in Newport, North Pembrokeshire, with distant sea views is £415,000, while a similar character one without the sea views would fetch approximately £299,000. For something really unusual, Thorn Island off the Pembrokeshire coast, home to a Napoleonic fort, has just gone onto the market bbc.co.uk/news/uk-wales-14118489 for £750,000.