The coastal settings of the South West are many peoples dreams and has been the leading factor in causing a ripple effect, attracting leisure and hospitality buyers from the South East region seeking to get more for their money whilst enjoying a less frantic lifestyle. This is likely to remain so as the prospects of visitors having short or longer term breaks in the UK looks particularly strong.
The South West benefits from excellent communications with counties such as Wiltshire, Dorset and Somerset quickly accessible to the west of London and Home Counties, which has generated a strong demand for village or small town locations where buyers envisage themselves as an integral part of the community. Many buyers quickly find themselves at home with a large number of village or small town residents having also retired or relocated to the South West seeking a quality way of life.
The market is experiencing high demand for free-of-tie public house leases, especially pubs with letting rooms. These tend to be affordable to younger purchasers, many of which have trained in the hospitality industry and seek their first step in branching out on their own. This often enables lessees the opportunity to purchase the freehold interest, with a proven track record of a thriving business aiding in raising finance to complete the purchase.
Landlords with rental income producing investments also are favouring the South West as an area in which to expand their portfolio with good returns on investment being achieved.
Most village or small-town licensed premises succeed being privately owned either as freehold or leasehold businesses. Major managed house operators favour the demographics of the large towns and cities and major roadside locations, areas which are currently experiencing a rise in ‘pop up’ bars and restaurants often in former retail units. This is expected to continue as the high streets evolve and many residents return to live and socialise in urban areas.