Norwich is in the top 10 places for holiday let mortgages
Sales of holiday homes near the coast have surged over the past six months with more people than ever applying for holiday let mortgages.
According to figures released by mortgage lender Hodge, Norwich comes fifth in the top 10 list of areas for holiday lets, beaten only by Truro, Plymouth, Llandudno and Exeter.
Popular for its proximity to the coast, countryside and Norfolk Broads, as well as its wealth of history and culture, Norwich surpassed York, Lancaster, Torquay and Swansea.
The least popular regions were Greater London and the East Midlands, together with the West Midlands and the South East.
The data revealed the average age of a holiday let mortgage customer is now 51.
It also highlighted that customers are willing to splash out on average £403,143 on a property – nearly two thirds higher than the average house price in the UK of £252,000.
Of those purchasing a holiday home, 35 per cent re-mortgage their existing home to finance their holiday home while 65 per cent take out a new holiday let specific mortgage.
Emma Graham, business development director, says: “Many people have not been able to holiday abroad for more than a year now and staycations have therefore become hugely popular.
“We think this has almost certainly led to people re-evaluating their finances, as well as holiday plans and the holiday let market is looking very healthy.
“Given the appetite for a holiday by the sea, it’s no surprise that homes near the beach or coast are the most popular for holiday homes.”