Buyers pay over 12% more on average for a property on the UK coast

Taylor Scott International News

Living by the coast in the UK comes at a price with homes within 100 metres of the sea worth 12.4% more on average than property up to a kilometre away. But there is also substantial variation between locations, according to international real estate adviser, Savills, which has mapped coastal premiums for the first time. The coastal premium is highest in England at 18.7%, compared to 16.6% in Wales and just 1.2% in Scotland, where the coastline is vast and complex. ‘In our survey of people looking to move home last year, we found that the view from a property is the most valued attribute that buyers are looking for and for many, a sea view is as good as it gets. That means living by the sea comes at a cost, with a clear price premium for proximity to the coast,’ said Sophie Chick of Savills research. In England, the highest coastal premiums occur in the north of the country. The North East and Yorkshire and the Humber carry the greatest premiums at 41.3% and 36.1% respectively, although average prices are highest in the South West and South East. There is also considerable variation in the premium at a regional level and this probably reflects the popularity of some coastlines over others. Merseyside holds the highest coastal premium, with properties near the sea selling for an average of £357,000, some 86.5% higher than those inland. Overall Dorset has the most expensive coastline of any county, with an average sale price of £393,000 and a premium of 46.1%, reflecting the high prices in the ultra prime coastal hotspots of Sandbanks and Canford Cliffs. ‘Counties such as Devon often hold a wider coastal premium than our 100 metre cut off, which dilutes the difference paid for proximity to the coast. On the other hand, counties with remote coastal locations such as Grampian in Scotland have lower premiums, as isolated areas drive down average prices,’ explained Chick. Continue reading →

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