A property expert has revealed that out-of-town buyers can snap up cheap homes in the unremarkable UK seaside town of Redcar for as little as £20,000 – and they’re selling fast
A seemingly ordinary UK seaside town, Redcar is predicted to become the next big thing for holiday homes and Airbnbs, according to a property expert.
The Yorkshire coastal town offers out-of-town buyers the opportunity to purchase homes at bargain prices, some as low as £20,000. Despite its reputation for a run-down town centre and high child deprivation rates, the affordable housing could signal an economic revival for the unassuming town.
Some properties, just a hop, skip and jump from the beach, are listed for as little as £20,000, a stark contrast to the UK average coastal home price of £304,460. Local estate agent Jennifer Sanderson reports that properties are being snapped up quickly, primarily by southerners eager to secure a coastal home at a steal.
Last year Jennifer, director of Redcar Letting and Sales, had a property on Pierson Street, a stone’s throw from the beachfront, listed for £49,995. She said that it, like many others, attracted significant interest.
She said: “I have sold quite a number of flats in the area for a similar price. This property is quite central and a few minutes into the town centre.” She also mentioned that it’s only “a two-minute walk” to the beach and expressed her interest in finding “primarily an investor to purchase it”.
The market also featured a flat on Coatham Road, near the seafront, that had a guide price of £20,000, while another flat on the same street started at £29,950.
Highlighting Redcar’s attractions that draw new residents, Ms Sanderson added: “Redcar is a nice seaside resort. There is a lot of investment coming from the south. One of the flats I sold, they were looking for a holiday home by the sea that was affordable. I think [investors] can get a lot for their money at the moment. There is a lot of out-of-town investment coming in.”
Additionally, Ms Sanderson invited day-trippers and tourists to explore Redcar, which boasts an 80-foot vertical pier with 360-degree views, is famed for its lemon top ice cream, and featured in the 2006 film Atonement.
The coastal town of Redcar, which faced a devastating hit in 2015 with the closure of Redcar Steelworks and the loss of 3,000 jobs, is now witnessing a revival thanks to a £200m investment. This cash injection has sparked hope among locals and potential investors alike.
The area’s Airbnb market is booming, drawing mixed feelings from residents. Ms Sanderson, however, views this as a positive sign for Redcar’s future, saying: “[There are] a lot of Airbnbs – I sold a building on the seafront [that’s been converted to] Airbnbs and they are absolutely gorgeous.”
“There is a high level of unemployment, salaries are low around here and there are some aspects of crime in certain areas. But it is a very friendly town, people always smile and say hello – there’s also a lot of regeneration. I am really passionate about Redcar.”
Meanwhile, Andrew Parker, auctioneer and managing director at SDL Property Auctions, highlighted a bargain property on Coatham Road with a guide price of just £15,000 to £20,000, that was going to auction.
Mr Parker said: “Coastal properties inevitably attract interest due to their favourable location, regardless of the type of property. We’ve sold a number of houses and flats by the sea in our auctions which have seen interest from bidders wishing to live in the property themselves, as well as those looking to run holiday homes.
“They’re a versatile option for all types of bidders and are often attractively priced which adds to their desirability. We’re already receiving enquiries on this one and I’m looking forward to offering it on auction day on February 29.”
