Our Chairman, Nick Leeming, provides an overview of our latest research report, which shows ocean views attract that greatest premium of any waterside view in the UK.
As we make the most of the last of the September sunshine, what better place to do so than by the water? Our latest report shows that many buyers are prepared to pay a considerable premium of almost a third for a home with an ocean view, more than 23 per cent for a home by the river and almost 18 per cent for a canal-side property.
The aspiration of owning a home with a view across water and living near features such as the ocean, rivers and canals has long been embedded in the British psyche. As an island we are surrounded by water and as a population our demand for living near the water is insatiable. As such all views across water in all the locations we investigated generated a strong house price premium for the homes they benefit – without exception.
We analysed more than 30 of the UK’s most sought-after and popular waterside locations, including Brighton, London and Bridport and found properties with a river view in Burnham Market in North Norfolk attract the greatest premium. Now often referred to as ‘Chelsea-On-Sea’, we found that a property with a river view in the popular village will be on average 86.9% more expensive than properties without this boon.
|Type of water view||Average price without view||Average price with view||Property price premium|
Table 1: Top performing water views in terms of property price premium. Source: Jackson-Stops & Staff.
However, homes with views of the ocean generated by far the greatest uplift – boosting a property’s value by just shy of a third, compared to homes without this benefit. But it’s not just about the views; these homes generate substantial premiums because of the lifestyle benefits that accompany them. Walking, sailing, surfing and swimming are favourite British pastimes and, with a renewed focus on healthy living in recent years, never before has it been more in vogue to live near the water.