Home Residential Property Costliest and cheapest areas for homes with a sea view

Costliest and cheapest areas for homes with a sea view

by Deleted Subscriber Content
19th Jul 18 8:00 am

Buying a home with a coveted sea view can cost 29% more than those without one, according to an analysis of properties for sale in seaside towns on Rightmove.

The analysis looked at all properties for sale under £1 million in seaside towns across mainland Great Britain, and found that the average asking price for a sea view is £304,702, compared to £236,070 for a home without one.

The highest price premium is in Felixstowe on the Suffolk coast with a 57% premium. Overall asking prices in the town have gone up by 45% over the past five years, compared to a national average increase of 27%, helped by major investment in the town and along the seafront. There are apartments up for sale on Rightmove by the seafront for over £600,000 and beach huts on Rightmove for just under £20,000. The second highest premium is in Lytham St. Annes in Lancashire with sea views proving to be a factor in sellers asking for a 38% premium.

On average there are just under one in 10 homes in these seaside towns that have a sea view, with this lack of choice helping to drive up the price that sellers can ask for. The highest proportion can be found in Teignmouth and Paignton, both in Devon, where nearly a third of all properties up for sale offer a sea view. Rightmove has just launched a new Keyword Sort feature to make it easier for home hunters to search for specific requirements, with sea view already in the top five most popular keywords.

Miles Shipside, Rightmove director and Housing Market analyst comments: “Homes in prime positions by the sea are in a virtuous circle as previous owners are likely to have invested more in the property because they could see future potential gains. The local housing markets in these seaside towns around Great Britain vary significantly, but in all areas those with a sea view offer a financial advantage to home owners looking for a buyer possibly wanting to retire or use as a holiday home. The key is making the most of this in the pictures they use when advertising their home so a prospective buyer can see just how great the views are before they book an appointment.”

Highest price premium for a sea view

Area Average asking price for a sea view Average asking price with no sea view Asking price premium % of properties with a sea view
Felixstowe, Suffolk £392,063 £248,987 57% 14%
Lytham St. Annes, Lancashire £325,530 £235,691 38% 5%
Folkestone, Kent £307,490 £222,986 38% 17%
Penzance, Cornwall £321,959 £237,206 36% 29%
Bournemouth, Dorset £395,196 £292,431 35% 6%
National average £304,702 £236,070 29% 7%*

 

 Most expensive towns with a sea view (analysis of properties under £1 million)

 

Area

Average asking price for a sea view Average asking price with no sea view Asking price premium % of properties with a sea view
Hove, East Sussex £481,826 £431,208 12% 11%
Broadstairs, Kent £456,041 £362,201 26% 17%
Poole, Dorset £452,149 £364,239 24% 3%
Hythe, Kent £447,456 £346,550 29% 21%
Whitstable, Kent £429,857 £391,046 10% 12%

 

Cheapest areas with a sea view (analysis under £1 million)

 

Area

Average asking price for a sea view Average asking price with no sea view Asking price premium % of properties with a sea view
Morecambe, Lancashire £144,401 £135,502 7% 10%
Cleethorpes, Lincolnshire £169,543 £134,104 26% 14%
Scarborough, North Yorkshire £196,262 £172,232 14% 13%
Portland, Dorset £206,855 £204,082 1% 28%
Lowestoft, Suffolk £206,943 £190,719 9% 9%

 

Areas with highest proportion of properties with a sea view

Area Average asking price for a sea view Average asking price with no sea view Asking price premium % of properties with a sea view
Teignmouth, Devon £327,056 £243,832 34% 30%
Paignton, Devon £267,394 £210,976 27% 29%
Penzance, Cornwall £321,959 £237,206 36% 29%
Portland, Dorset £206,855 £204,082 1% 28%
Brixham, Devon £306,225 £249,213 23% 22%

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