£86,000 price premium for homes with a sea view
- Homes listed as having a sea view are priced over £86,000 higher on average than homes without, equating to a 31% national asking price premium, 4% higher than in 2019
- The South West has the biggest sea view price premium of 42% and is where the average asking price of homes with a sea view are highest, at £415,296
- Cornwall is the county that has the most homes advertised with a sea view, whilst Brighton and Hove is the city with the biggest number of homes listed with a sea view
New data out today from the UK’s biggest property website Rightmove reveals that the appeal of living by the seaside has led to homes with a sea view commanding a bigger price premium than in 2019.
The Rightmove study shows that homes listed as having a highly coveted sea view have asking prices £86,060 higher on average than those without – a premium of 31% across Great Britain.
The national average asking price of homes with a sea view is £368,278, compared to £282,218 without.
The nationwide trend of coastal properties becoming more popular in 2020 has helped push up the price premium from 27% last year.
In 2019, the national average asking price of homes with a sea view was £319,645, compared to £252,686 without, equating to a premium of £66,959.
Regionally, the South West has the highest sea view price premium of 42%, followed by the North East with 33%, and Wales with 27%.
The South West is also where homes with a sea view are most expensive, with average asking prices of £415,296.
Cornwall is the county that has the most homes advertised with a sea view, whilst Brighton and Hove is the city with the most number of homes listed with a sea view.
Rightmove’s Director of Property Data Tim Bannister said: “We know from our recent Happy at Home report that, across Great Britain, people who live in coastal areas are most content with where they live. Whether it be weekend walks along the beach or catching a glimpse through the window of the shimmering water in the distance, people value that connection with the sea and enjoy life in the areas around it. We’ve seen demand for coastal homes increase this year and so it stands to reason that homes with a sea view command a substantial price premium.”
Fran Moynihan, head of Savills Waterfront, said: “Being an island nation, the sea is really part of our culture and as a result many aspire to buy by the sea for its beautiful scenery, unique lifestyle and plentiful leisure offerings. Ordinarily homes by the sea are popular, but this year we have seen the demand for a coastal lifestyle grow even more.
“With the type of property available along the coast varied, ranging from fisherman’s cottages to beachfront mansions and modern new-build developments, there really is something for everyone. Whether it’s for sailing, surfing, sea-fishing, wind-surfing, or even just a walk to take in the view, buyers are now more than ever eager to be close to the sea.”
Ian Lillicrap, director of Lillicrap Chilcott estate agent in Truro, added: “There’s something about the sea which has always captivated the imagination and, when it comes to house buying, the wallet too. Naturally, of course, there are premiums even within the exclusive bracket of homes with a sea view. For example, it depends on whether you’re buying a home with a glimpse of the sea, a direct panoramic sea view, or somewhere with direct sea frontage. Each has its price, and the prices can be high. You’ll pay a premium of at least 100% for the very best sea views and vastly greater than that for direct water frontage.”
Regional breakdown via asking price premium:
|Region||Avg asking price (sea view)||Avg asking price (non-sea view)||Asking price Premium (%)||Price difference|
|East of England||£331,153||£264,293||25%||£66,860|
|Yorkshire and The Humber||£185,542||£158,502||17%||£27,040|
Take a look at two coastal homes with wonderful sea views:
- The Studio
This stunning two-bedroom property boasts breath-taking views over St Ives harbour to Smeatons Pier, and across St Ives Bay to the Atlantic Ocean beyond.
This property is listed for sale with Lillicrap Chilcott.
- The Brink
This contemporary beach house in the picturesque Abersoch offers fantastic views over Cardigan Bay to St Tudwals Islands and the Welsh mountains.
This property is listed for sale with Savills.
Notes to editor
Rightmove measured average asking prices of properties in coastal areas in Q3 2020 and Q3 2019.
You may also like
Seaside resorts see biggest rental shortage as tenant competition quadruples
The Isle of Wight has seen the biggest decline in the number of available rental properties compared with summer 2019,…
Scotland overtakes London as fastest million-pound market as capital loses share
Scotland has overtaken London as the fastest-moving market for million-pound properties, with homes finding a buyer 25 days quicker on…