Oh I do like to be beside the seaside!
While the performance of the UK property market overall has been mixed during the last few months it seems that seaside resorts continue to attract the attention of investors. A report today shows that prices over the last decade have increased by in excess of 30%!
The majority of the larger rises have been seen in the south of England but the general consensus seems to be that seaside properties are now very much in vogue. There are a number of reasons why seaside properties are now much sought after investments much of which is to do with lifestyle and working routines.
UK wide seaside properties
It will be no surprise to learn that the 10 most expensive seaside properties in the UK are situated in England. Indeed 70% of these are located in the south-west of England which has always been something of a property hotspot. However, it is interesting to see many of the “smaller” seaside resorts catching up in terms of annual increases.
The most expensive average seaside properties are located in Salcombe, Devon at £672,000, Sandbanks, Dorset at £615,000 and Aldeburgh situated in East Anglia with an average property price of £413,000. It is also worth noting that areas such as Newton Hill in Aberdeenshire and Shoreham by Sea may not be the most expensive in the UK but they have seen a 20% increase in value over the last 12 months. Other areas of interest include Sandwich at 18%, Watchet at 18%, Seaton at 17% and Dalgety Bay at 16%.
Lower value seaside properties
If you’re looking towards the seaside property sector there may be some interest in the lower priced markets such as Port Bannatyne at £73,539, Newbiggin by the Sea at £81,339, Campbeltown at £85,659 and Thurso and £88,500. It is interesting to note that the lesser value seaside properties are located predominantly in Scotland and the North East of England. You would obviously need to take into account the average reduced house prices in these regions but there may be some interesting opportunities for the longer term.
Why are seaside properties proving popular?
There are a number of reasons why seaside properties are proving more popular which includes lifestyle changes, environmental issues and the fact it is now much easier to commute to many areas of the UK. Trying to find a balance between working life and social life can be difficult if you are located in one of the U.K.’s larger towns or cities. It seems that more and more people are now looking to “get away” from the hustle and bustle of city life.
It will be interesting to see whether this increase in demand for seaside properties continues but with ever improving commuter routes, the ability to work from home and a lifestyle which suits many people, especially in their later years, why should this trend change?
Conclusion
There is no doubt that demand for UK seaside properties has increased over the last few years and an average 30% increase in property values over the last decade is impressive, even more so when taking into account the economic difficulties of late. When you consider the lifestyle on offer, value for money in many of the Northern seaside locations in particular and improved commuter routes, is there any reason for this trend to change?