House prices: Homes with sea view cost £86,000 more after surge in demand this year
Martin Roberts offers his 'top tips' for buying a property
New data released by Rightmove today has revealed that homes listed as having a sea view are priced over £86,000 higher on average than homes without one. The premium has increased by four percent in 2020, with the the average home with a sea view costing 31 percent more than the average home elsewhere. The average home with a sea view has an asking price of £368,278 compared to £282,218 without one.
With more people looking to move closer to the sea this year, the price premium has increased massively.
Last year, the average asking price for coastal properties was £319,645, compared with an average UK house price of £252,686.
The southwest of England, including areas such as Devon and Cornwall, has the largest price premium of 42 percent.
This is followed by the northeast with a 33 percent price premium and Wales with a 27 percent premium.
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Homes in the southwest also tend to be the most expensive.
The average asking price for a home in Cornwall is £415,296.
Meanwhile, the areas with the most advertised homes with a sea view is Brighton and Hove, which is also conveniently located close to London.
The area with the lowest asking price premium is Yorkshire and The Humber with a premium of 17 percent.
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Rightmove’s Director of Property Data Tim Bannister said that a recent report by the company showed people who live by the coast are “most content with where they live”.
He added: “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.”
Meanwhile, head of Savills Waterfront, Fred Moynihan said homes by the sea are usually popular but that this year their popularity has increased even further.
“Being an island nation, the sea is really part of our culture and as a result many aspire to buy by the sea for its beautiful scenery, unique lifestyle and plentiful leisure offerings,” he said.
He explained further that homes by the sea tend to vary in the way they look.
Cottages, mansions, modern new builds and period properties can all be found by the sea which means there is often “something for everyone”.
The coast also offers a different way of life with various hobbies that aren’t available in land.
Britons who are fans of sailing, surging, sea-fishing and wind-surfing are often attracted to the coast.
“Buyers are now more than ever eager to be close to the sea,” Mr Moynihan added.
Ian Lillicrap, director of Lillicrap Chilcott estate agent in Truro said the said price premiums by the sea are “natural” and that it depends on what type of view you’re looking for.
He explained: “It depends on whether you’re buying a home with a glimpse of the sea, a direct panoramic sea view, or somewhere with direct sea frontage.
“Each has its price, and the prices can be high. You’ll pay a premium of at least 100 percent for the very best sea views and vastly greater than that for direct water frontage.”
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