With warm weather set to extend into September, the British aspiration to live in a home by the sea is unlikely to wane – as national estate agent Jackson-Stops finds homes directly on the seafront attract a 33% price premium.
Jackson-Stops analysed 30 prime seaside locations, ranging from super-prime hotspots to traditional holiday resorts. All seafront homes were more expensive than comparable properties in the wider town by an average of 33%.
Aldeburgh in Suffolk boasts seafront homes with the highest premium compared to other local properties at 89% on average, making seafront homes here the most sought-after of any location analysed. Padstow in Cornwall (70%) and Torquay in Devon (69%) take the second and third spots.
It’s not just the prime hotspots where seafront homes attract a premium. Traditional seaside resorts also experience this trend. In Bournemouth seafront homes are 67% more expensive than other properties in the town; the Southend-on-Sea premium is 36% and Blackpool’s is 34%.
Nick Leeming, Chairman at Jackson-Stops, comments: “Owning a sea-front home with uninterrupted waterside views or access to the beach has long been an aspiration for the British buyer. Whether it is someone’s full-time residence or a holiday home to enjoy during the summer months it is clear buyers are willing to go the extra mile to secure their dream home by the sea. From Aldeburgh in Suffolk to Blackpool in Lancashire, 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.
The lifestyle benefits associated with living by the seaside means that waterside homes will often 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.”
Jonathan Penn, Director at Jackson-Stops’ Ipswich branch, comments on the appeal of seafront homes in Aldeburgh:
“Properties on the seafront are extremely sought-after and will typically command a strong price premium. For example, we recently sold a four bedroom terraced property on the popular beachfront street Crag Path for in excess of its asking price of £1.5 million. Across three weeks we had 20 viewings, well above average, and offers from five interested parties, and it eventually went to best and final offer. Such interest just goes to show the strength of demand for front row properties in Aldeburgh.
Aldeburgh itself is a renowned UK seaside hotspot and the residential property market is currently very strong, driven by a high demand from both holiday home buyers and those looking for a full-time residence. It has all the amenities holiday makers desire, such as the classic east coastline, pubs, restaurants, a tennis club, a golf club and a yacht club, but also all the essential facilities that make it a great self-contained place to live including supermarkets, a high street with a decent range of shops and its own hospital. The blend of aspirational lifestyle and practicality is what makes this town so popular.”