Despite being one of the UK’s lesser-known coastal towns, the area appears to be on the cusp of an economic boom as cheap properties are drawing in the masses
An unremarkable seaside town in the UK is set to become the next hotspot for holiday homes and Airbnbs, according to a property expert.
Out-of-town buyers can snap up the cheap homes in Redcar, on the Yorkshire coast, for as little as £20,000. Redcar has in recent years made headlines for its dilapidated town centre and rates of deprivation among children, but affordable homes in the humdrum town mean it could be on the cusp of an economic boost.
Some properties, just a stone’s throw away from the beach, are being listed for as little at £20,000, compared to one UK average of coastal home prices, which reveals buyers could otherwise pay £304,460.
Local estate agent Jennifer Sanderson said properties are already being snapped up – mostly by southerners who are keen to secure a coastal home at a bargain price. Jennifer, who is the director of Redcar Letting and Sales, has a property listed on Pierson Street, moments from the beachfront, for £49,995. She says that like many others, it has been gaining lots of 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 added that it was only “a two-minute walk” to the beach and that she was “primarily looking for an investor to purchase it”. Other homes on the market include a flat on Coatham Road, close to the seafront, being auctioned off at a guide price of £20,000, while another flat on the same road has a starting price of £29,950.
Speaking of Redcar’s best features that appear to be attracting newcomers, Ms Sanderson said: “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.”
Ms Sanderson also encouraged day-trippers and tourists to visit the town and see what’s on offer, as Redcar boasts an 80-foot vertical pier offering 360 degree views of the area, is known for its famous lemon top ice cream and even appeared in the 2006 film Attonment.
In 2015, Redcar suffered a major blow when Redcar Steelworks closed down after 170 years, making 3,000 people unemployed. But it has since had a £200m investment pumped back into it, providing a glimmer of hope to residents and prospective buyers. The town has also seen a surge in the number of Airbnbs, which are well received by some locals, and disliked by others. But Ms Sanderson sees it as a positive step in Redcar’s development. She added: “[There are] a lot of Airbnbs – I sold a building on the seafront [that’s been converted to] Airbnbs and they are absolutely gorgeous.”
She added: “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.”
Andrew Parker, auctioneer and managing director at SDL Property Auctions, spoke about the cheap property on Coatham Road which has a guide price of between £15,000 and £20,000. It is due to go under the hammer next month.
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.”