Coastal hotspots have seen annual house price growth of 4.2% in the past 12 months, bucking the wider national trend that has seen British property values stagnate.
New research from Quickmove Properties analysed the housing markets across 100 of the nation’s most popular coastal locations, looking at both the rate of house price growth seen over the last year, as well as the current premium these areas command when compared to their wider local authorities.
Coastal hotspots see 4.2% annual rate of house price growth
The data reveals that across these 100 British coastal locations, the current house price averages £250,644 having grown by an average of 4.2% in the past year
This means these coastal housing markets are bucking a broader national narrative that has seen Britain’s overall average price remain largely unchanged, up by just 0.8% in the last year. What’s more, the average rate of house price growth across the wider local authorities in which these coastal hotspots are found has also remained static over the last year at 0.04%.
92 of 100 coastal markets enjoy house price jump
The strength of Britain’s coastal housing markets can be further demonstrated by the fact that, during a sluggish year for property, 92 of the 100 coastal markets that Quickmove Properties analysed have recorded positive price changes over the last 12 months, while one has remained static and just seven have seen a reduction in house prices.
Scotland sees strongest annual increases
The five largest coastal price booms have all been recorded in Scotland, led by 19% growth in Lossiemouth and followed by Burntisland (17.9%), Irvine (16.2%), Ayr (14%), and Cockenzie (13.1%).
Two more coastal markets have achieved double-digit growth this year with prices in Wales’ Portmeirion growing by 11.7%, and prices in Newquay growing by 10%.
Such is the popularity of seaside living, especially with retirees, that homes in coastal locations tend to command a hefty price tag compared to the national market as well as the coast’s wider local market.
When it comes to the most prestigious coastal property market price premiums, the highest is found in Salcombe, Devon. With an average house price of £809,310, property prices in Salcombe are 104% higher than the average price for the wider South Hams local authority district.
Suffolk’s Southwold is home to an average price of £532,673, meaning the coastal town commands a premium of 83.6% compared to the surrounding East Suffolk local authority area.
Dorset’s Sandbanks has an average price of £603,532. This marks a premium of 81.2% compared to the wider average for Bournemouth, Christchurch & Poole.
Other coastal locations to rank within the top 10 for the highest house price premiums include Aldeburgh (77.4%), Padstow (66.9%), Porthcawl (40.9%), Fowey (40.6%), Seahouses (40.2%), North Berwick (37.2%) and Budleigh Salterton (36.9%).
Sales Director at Quickmove Properties, Mark O’Dwyer, commented: “The Great British coast has enticed homebuyers for centuries. From Scotland’s wild shores to the calm sands of Cornwall, so many of us crave to live by the sea. Such is the pull of coastal living that many local house prices stand stoic like a lighthouse in a storm against broader negative trends in the national market.
"But because of this, the cost of buying bricks and mortar on the coast tends to be high and thus inaccessible to far too many people.
"That’s why we’re seeing such a surge in appetite for downsizing to coastal park homes. For a fraction of the price, you can buy yourself a beautiful modern park home in a prime seaside location and still have plenty of cash left over from selling your old home to enjoy everything that coastal living has to offer.”