Our chairman, Nick Leeming, shares his insight on our latest piece of research which reviews the price premium associated with seafront homes.
Owning a seafront home with uninterrupted waterside views or access to the beach has long been an aspiration for the British buyer. Whether it is someones full-time residence or a holiday home to enjoy during the summer months it is clear from our latest research that buyers are willing to go the extra mile to secure their dream home by the sea.
We analysed 30 prime seaside locations, ranging from super-prime hotspots to traditional holiday resorts, and found that buyers are paying on average 33% more for the privilege of living on the front row, compared to how much they would pay for a property just one street further back.
Aldeburgh in Suffolk boasts the highest seafront price premium out of any location analysed, with such homes selling for, on average, 89% more than homes elsewhere in the area. It is a renowned seaside hotspot and the residential property market is currently very strong here, driven by a high demand from both holiday home buyers and those looking for a full-time residence. Complete with all the amenities holiday makers desire, such as the classic east coastline, pubs, restaurants, a tennis club, a golf club and a yacht club, the only thing that would make living in such as area better is having an uninterrupted sea view.
Seafront homes in Padstow in Cornwall generate a 70% price premium and the front row homes in Torquay in Devon are available with a 69% price premium. More traditional seaside resorts also experience this trend, with seafront homes in Bournemouth 67% more expensive than other properties in the town. The price premium on seafront homes in Southend-on-Sea is 36%, while Blackpool's is 34%.
The lifestyle benefits associated with living by the seaside means that it comes as no surprise that waterside homes generate a strong price premium, regardless of their distance from the beach. Sailing, surfing, swimming, and taking in the fresh sea air, are all favourite British past times for families and downsizers alike. Yet, there is something very special about being able to look out of your kitchen window or step outside your front door and be immediately greeted by sandy beaches and the rippling of the tide.
Top 10 seaside locations with the largest seafront house price premium.