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Home Real Estate

Cost of a UK home by the sea soars by more than £22,000

by Markel
in Real Estate
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Cost of a UK home by the sea soars by more than £22,000

The average price of a home by the sea has jumped by more than £22,000, with coastal property values boosted by the switch to home working during the pandemic, according to a report.

Halifax said the average value of a British seaside property rose to £287,087 last year, up 8% or £22,082 from 2020.

Millport, on the Isle of Cumbrae in North Ayrshire was the study’s least expensive seaside town in 2020 – but has seen the biggest increase in average prices of any coastal town over the past year, up by 53% from £74,148 to £113,292.

Scotland also features throughout the list of Britain’s cheapest seaside towns, with Campbeltown in Argyll and Bute offering the most affordable properties, at an average of just £91,201.

Last year’s price gains mean properties by the sea have soared by 50% or £95,599 over the past decade, with a 27% leap in the past five years.

Many Britons have looked to buy in more remote locations and move away from cities in the past two years as the pandemic saw a shift towards working from home.

Russell Galley, managing director of Halifax, said: “Our ongoing love affair with living by the sea shows few signs of abating.

“Homes on the coast have long attracted a premium price, and this was no different in 2021, with the move towards working from home being an ongoing influence on where people choose to live.

“Whether it’s a lifestyle sought, the scenery or the sea air, when it comes to buying homes, we really do love to be beside the seaside.”

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Over the past decade, Margate in the South East has seen the biggest average price rise of any seaside town, with prices jumping by 98% or £139,814, from £142,920 to £282,734.

Sandbanks in Dorset was the most expensive seaside town, with average prices surging 10% year-on-year to £929,187, the analysis of Land Registry house price data showed.

It was followed by Salcombe in Devon in second place, down from pole position in 2020, with a typical property costing £912,599, as the South West dominated the ranking.

Here are Britain’s least expensive seaside towns according to Halifax, with the average house price:

1. Campbeltown, Argyll and Bute, Scotland, £91,201

2. Girvan, South Ayrshire, Scotland, £101,676

3. Greenock, Inverclyde, Scotland, £103,496

4. Ardrossan, North Ayrshire, Scotland, £104,990

5. Saltcoats, North Ayrshire, Scotland, £105,505

6. Wick, Highland, Scotland, £105,686

7. Newbiggin-by-the-Sea, Northumberland, North, £108,957

8. Port Bannatyne, Isle of Bute, Firth of Clyde, Scotland, £111,717

9. Irvine, North Ayrshire, Scotland, £111,742

10. Millport, North Ayrshire, Scotland, £113,292

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