As shown Property Market Index latest ‘Coastal Property Market for London Buyers Moving to the Coast’ report there is a growing trend of owning a property on the coast. A recent report from Rightmove states that the typical premium to buy a home with a sea view has surged by more than £19,000 over the last year. The Covid-19 pandemic has given buyers the desire for a home with a view of the sea, more open space, a cleaner environment, and a less crowded area.
This nationwide trend has increased the average price premium for a sea view, Rightmove state that on average homes with a sea view now average £86,060 higher than those without, the typical premium in 2019 stood at £66,959.
Currently, the average asking price of a home with a sea view is £368,278, compared to £282,218 without. Meaning the typical premium to buy a home with a sea view is 31%, which is up from 27% last year.
Here are average asking prices for homes advertised with a sea view and the premium in percentage and cash terms compared with homes with no sea view, according to Rightmove:
- South West, £415,296, 42%, £123,381
- North East, £209,370, 33%, £51,929
- Wales, £323,800, 27%, £68,257
- East of England, £331,153, 25%, £66,860
- North West, £204,834, 24%, £39,189
- South East, £371,385, 20%, £61,556
- Yorkshire and the Humber, £185,542, 17%, £27,040
- Scotland, £134,145, 21%, £21,892
The South West and the South East of England have the biggest price premium for a home with a sea view across the UK. According to Rightmove, Cornwall has the highest number of homes currently advertised on the market with a sea view, closely followed by Brighton.
Rightmove’s director of property data Tim Bannister said:
“Whether it be weekend walks along the beach or catching a glimpse through the window of the shimmering water in the distance, people value that connection with the sea and enjoy life in the areas around it.
“We’ve seen demand for coastal homes increase this year and so it stands to reason that homes with a sea view command a substantial price premium.”
Property Market Index latest ‘Coastal Property Market for London Buyers Moving to the Coast’ report indexes and rates the growth in the trend of owning property outside of London and on the coast. 20 seaside locations were assessed and rated out of 100 to understand its market position, potential and value to London buyers thinking of buying a home with a sea view.
Topping the charts in the report is Ramsgate in Kent, this seaside location boasts a £50 million beach front development Royal Sands Ramsgate which includes 106 luxury apartments all with a sea view. The report features many other examples of homes with sea views in a number of different locations, including the Boardwalk Development in Brighton, East Sussex and the Sea Street Development in Whitstable, Kent.
Amanda Collison, senior researcher at Property Market Index, said that “the demand for properties in prime locations with uninterrupted sea views can increase the property value by up to 50%”
“We have seen places like Sandbanks in Bournemouth drive property prices sky high over the last 15 years. Our most recent report shows that Kent’s coastline and beautiful beaches along with its easy access to London is becoming the first choice for London Buyers”.
Download a full copy of the report from our website: