Now is the time buy a waterside home as price premiums are at their lowest in five years, according to Jackson-Stops’ annual Waterside Review. While waterside homes in 2023 commanded a 2% price premium on average – equivalent to £10,000 more than non-waterside homes in the same area – this is a fall on the 7% premium seen in 2022.
In its annual analysis of price paid data for property transactions in postcodes within 50 meters of water including rivers and sea, the national estate agency has found that for the first time, waterside house prices dropped by -6% in 2023, therefore presenting a unique opportunity for buyers this summer. Whilst this is part of general softening of house prices seen in 2023, in which the ONS reported a -2% annual change nationally, it is predicted that this trend is unlikely to continue.
“The cyclical nature of the market means that it is likely that a past drop in waterside prices won’t last for long. Their scarcity and kudos are such that by their very location, they will always remain desirable. But what this rebalancing of prices in 2023 does represent is rare opportunity for buyers to act now and purchase at a good price,” explains Nick Leeming, Chairman of Jackson-Stops.
“We are now far beyond the wild highs in price premiums seen after lockdown, in a time where stability and supply are key drivers in the market moving forwards, levelling out the playing field for all.”
Buyers prepared to pay more for waterside flats
Looking further into Jackson-Stops’ analysis by property type, flats show a higher waterside price premium than detached, semi or terraced housing, with a 10% uplift in 2023 compared to just 2% more broadly across all house types.
Nick explains, “Interestingly, our data has highlighted that flats by the coast, on rivers, canals and estuary locations command the highest premiums. This can be down to a number of reasons, from the highly prized elevated views to the security of a larger development against flood risk. Planning permission can be hard fought to build on these already populated locations due to their proximity to water - we often see developers get there first. What this means is those homes that offer this unique waterside lifestyle often operate in their own sub-market, far exceeding anything similar inland. On some occasions, best in class examples can sell for a 20% to 30% premium when the market conditions are right.”
Coastal homes dominate premiums in the South
In its analysis, Jackson-Stops’ has charted the 10 coastal locations across the UK that command the largest house price premium compared to their non-waterside counterparts in the same area. Looking at costal locations only, Brighton & Hove topped the charts for the most expensive place to buy a seaside home, commanding a 96% house price premium in 2023.
Interestingly, the majority of the most expensive places to live by the sea were in the South of England, with longstanding favourites like Cornwall, Dorset, West Sussex and North Norfolk all ranking highly.
“Beachside homes are the ultimate luxury purchase, fuelled further by an increase in downsizers and remote workers,” says Nick. “What is interesting is to see the rise of places like Norfolk, as sea lovers search for accessibility and opportunity.”
“Fresh shore breezes, seaside walks and an overall more invigorating lifestyle are both universally appealing and highly aspirational. Limited availability and high demand of seaside homes in particular, continue to make a waterside home a particularly attractive investment.”
David Lambert, Director of Jackson-Stops Burnham Market in Norfolk, adds, “Demand for property in Norfolk continues to defy economic gravity. There are two distinct buyer types for us; the second home shoppers, looking for a beachside bolthole to spend the weekends. We also have the countryside living converts that left the City during lockdown and aren’t looking back thanks to flexible working. This makes the county a honey pot for young families, looking to send their children to prestigious schools such as Gresham’s and Beeston Hall while enjoying the delight of the seaside at weekends. Both are keen for waterside views and see the East Coast as a place that balances their lifestyle and commuting needs.
“It’s also not just buyers from the South East; we have seen a number of downsizers from the midlands moving into Norfolk, in part due to its relative proximity. The size of the county is another big draw, creating a greater sense of space for coastal converts with big skies, expansive beaches, and abundant natural capital. Bringing well-presented homes to the market is especially important right now and Norfolk’s charming coastline and brick-and-flint homes are in high demand both locally and nationally.”
*Due to their scarcity, waterside property transactions are typically far fewer than general house transaction volumes across the UK. This means sample sizes of sold property data may vary across different locations, varying by house type (detached, semi, terraced, flats), as well as size, location and accompanying land.
According to Jackson-Stops’ own UK national branch data, 22%** of waterside properties that were listed for sale sold above the guide price in 2023, a decline on the 52% seen the year before. Whilst some of this reflects post lockdown changes combined with affordability pressures thanks to rising interest rates, the plateaux of prices reinforces the vast opportunities for waterside buyers this year.
“Waterside properties time and time again offer a stable investment,” adds Nick Leeming. “Although guide prices are steadying, our Jackson-Stops branch data also suggests the average price premium of waterside homes that sold above guide remained broadly on par with previous years at 7%, compared with 8% in years 2022, 2021 and 2020. The waterside premium is here to stay.”
This feeds into the wider trend seen nationally in Jackson-Stop’s Waterside Review, in which waterside sold prices have steadily increased by 17% in five years.
Riverside rules in the North of England
For riverside homes, the Ribble Valley in Lancashire commanded the highest waterside premium in 2023 at more than double the price (210%) of non-waterside homes in the same area. Jackson-Stops’ league table, charting the top ten areas for riverside house price premiums relative to non-waterside properties in the same location, also includes Yorkshire, Leicestershire, and Manchester – in which all locations are based in the North.
Our Director at Jackson-Stops Lancashire and the Sefton Coast, says, “The North of England is a hidden gem of waterside beauty spots, protected by moorlands, woodlands, and dramatic valleys, combining to produce spectacular views and a fantastic quality of life. Houses and estates in Lancashire that are close to water or that come with moorings and direct water frontage are often larger in size due to the vast amounts of land here, and will command a premium as a result.
“We are seeing more buyers look to the North for bigger properties with greater privacy, as waterside properties in the South can be so hard to come by due to their scarcity. The combination of reasonably priced housing, excellent transport links into the major cities of Manchester or Liverpool, and easy access to some of the UK's most beautiful countryside is really driving demand, with Formby Beach, the Lake District, and the Pennine hills all within an easy drive.
“It’s not just the Ribble Valley; the Sefton Coast is attracting swathes of downsizers and families from across the country looking for a new rhythm to life. Cleaner air, quieter environments, opportunities for outdoor adventure and a closer connection to nature, are just some of the draws that are mentioned again and again when I talk to buyers.”
For riverside homes, the Ribble Valley in Lancashire commanded the highest waterside premium in 2023 at more than double the price (210%) of non-waterside homes in the same area. Jackson-Stops’ league table, charting the top ten areas for riverside house price premiums relative to non-waterside properties in the same location, also includes Yorkshire, Leicestershire, and Manchester – in which all locations are based in the North.
*Due to their scarcity, waterside property transactions are typically far fewer than general house transaction volumes across the UK. This means sample sizes of sold property data may vary across different locations, varying by house type (detached, semi, terraced, flats), as well as size, location and accompanying land.
Methodology: Based on a data comparison of HMRC price paid per residential transactions of all UK postcodes in 2018, 2019, 2020, 2021, 2022, and 2023, against government data from the Environment Agency (DEFRA) listing postcodes located within 50 meters of bodies of water including rivers, canals, lakes, or sea. This year, Jackson-Stops’ Annual Waterside House Price Index was further bolstered by additional postcodes included in DEFRA’s updated list for 2023, that the Jackson-Stops research team were then able to complete where a postcode’s final digit was missing for a deeper analysis.
Wed 31 Jul 2024
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