Property sales are booming in Bridlington with house prices falling by over £7,000 over the past year.
Figures released to the Free Press from the Halifax show a 6% drop in house prices, and Bridlington estate agents have said sales are the best since the market crash in 2007.
Leanne Marshall, manager of the Bridlington branch of Hunters Property, said: “This is like the good old days before the crash, the sales we have got coming in every month is on par with that.
“Bridlington prices are not increasing and I do not think we will see any increase for the next year or so. There is a lot more positivity in the market and I think we need that stability to continue.”
Nicholas Belt, director of Nicholas Belt Estate Agency, said: “There has been a massive increase of property sales in the area. During 2013 our company have already nearly trebled the number of agreed sales of property compared to those sold in the whole of 2008 and that is only up to the end of August, with hopefully many more sales during Autumn and the run up to the year end expected. We would normally carry, four or five years ago, 70 to 80, now we have got 150 to 160.
“The beauty of this place for me is that it is the best kept secret. Other areas look at us and think this is really OK and it is fantastically good value. I think until there is a shortage of any product there is never going to be a rise in price.”
Despite the long-term trend revealing a whopping property price increase of 48% in Bridlington over the past 10-years, Halifax figures show the average house price in Bridlington in the 12 months leading to June was £128,475, down from £135,960 in 2012, however in 2003 a buyer could expect to pay just £86,955.
By comparison, the average house price has decreased in Scarborough by 13%, and increased by 5% across Yorkshire and Humberside over the past year.
Mr Belt said: “There has been a massive increase in the number of enquiries for property. These enquiries are from a very wide area, not just the traditional enquiries from the West Riding of Yorkshire from people wanting to retire to the area. The overall level of enquiries supports the fact that the market has started to move all over the country.
“However improved numbers of sales does not mean prices are rising. There is still a lot of property on the market - we currently have twice as much property to offer as we had in the peak price market of 2007. Unless the price tag on the property is realistic it will not sell.”
Richard Graves, partner at Dunk Lewis and Graves Estate Agents in Chapel Street, said: “The trend is at the moment has been a lot busier over the past three or four months. The activity has hugely improved since January there is no doubt about that. The number of properties coming onto the market is pretty stable. Certainly our stock of property is substantially more now then it was.
“It has been very difficult over the past three or four years certainly since 2007. We have just been paddling. There has been no increase in prices there has been a fall.”
Martin Ellis, Halifax housing economist, said: “The town is popular with home buyers because of its seaside location, which helps to attract people to move there from elsewhere. It also has relatively low prices, which means that property in the town often represents good value. These factors have helped to push up prices.
“Bridlington has outperformed most of its neighbouring areas with house prices in the town increasing further than the average for Yorkshire and the Humber (31%) and more than double the national increase of 23% over the last ten years.”