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Fractional properties are beginning to appear in England's South West coastal regions.
The UK tourism market appears on the up. Knight Frank recently releasing statistics highlighting the growing popularity of 'staycations' (there was a 67% growth in nights spent in self catering apartments from 2007 to 2010).
As a sign of this growing desire for affordable holiday-homes within the UK, property investors Barrasford and Bird believe they are filling a void by offering investors off-plan fractional properties at the Westwood Ho! on the Devonshire coast.
Speaking to OPP, Robin Barrasford, Managing Director of Barrasford & Bird Worldwide said “Westward Ho! attracted our eye as it's ideally situated close to the popular hotspots of Croyde and Appledore - plus there's an extensive regeneration project taking place in region which will add to the buoyant tourism market there.”
Although the properties are mainly being targeting at UK-based investors, Barrasford believes there is growing international market for such opportunities.
“We will definitely be targeting overseas property buyers in the future. Like the London markets, which are currently enjoying a boost in prices simply due to buyers from Russia and the Middle East, there is scope to market these fractionals to foreign investors - especially as this particular offer is simply about great returns.”
“On the other side of the coin, we've had some interest from a number of first time property purchasers who had been unable to get a foothold on the UK property ladder. There's definitely potential for first time buyers to gain from fractional ownership.”
Looking ahead, Barrasford believes that the UK is on the verge of a fractional boom.
“There's no reason why fractional ownership couldn't be implemented to more developments throughout the UK,” he said. Within the last few months we've seen an increase in fractional ownership properties on the market in the UK and this trend is likely to continue as fractional ownership becomes more accessible to buyers that might otherwise have been unable to afford UK property in traditionally high priced regions”
Barrasford and Bird are selling 24 off-plan apartments. Pre-release properties are available from £16,500 fractional ownership or £132,000 full ownership,
All properties are managed by a world renowned hotelier. Offers include 5% cashback on the purchase deposit (30%), 5% guaranteed rental income and an optional 150% buy-back.