Homes with a sea view attract a 29% price premium
- -New analysis from Rightmove reveals homes with a sea view in seaside towns are up for sale for £68,000 or 29% more on average than those without
- -The highest price premium is in Felixstowe in Suffolk, where a sea view could attract a 57% premium or over £143,000 more
- -The national average asking price of a home with a sea view is £304,702, compared to £236,070 for a home without one
-Analysing all properties with asking prices under £1 million, the most expensive sea views are in Hove where the average is £481,826, while the cheapest is in Morecambe where you can get a home with a sea view for just £144,401
- -Teignmouth and Paignton in Devon currently have the highest proportion of homes for sale with a sea view on Rightmove
- -Rightmove’s new Keyword Sort feature lets home hunters prioritise the properties in their search results that best suit their wish-lists, with sea view already in the top five most popular requests
Buying a home with a coveted sea view can cost 29% more than those without one, according to an analysis of properties for sale in seaside towns on Rightmove.
The analysis looked at all properties for sale under £1 million in seaside towns across mainland Great Britain, and found that the average asking price for a sea view is £304,702, compared to £236,070 for a home without one.
The highest price premium is in Felixstowe on the Suffolk coast with a 57% premium. Overall asking prices in the town have gone up by 45% over the past five years, compared to a national average increase of 27%, helped by major investment in the town and along the seafront. There are apartments up for sale on Rightmove by the seafront for over £600,000 and beach huts on Rightmove for just under £20,000. The second highest premium is in Lytham St. Annes in Lancashire with sea views proving to be a factor in sellers asking for a 38% premium.
Steve Scott, Partner at Scott Beckett Estate Agents in Felixstowe, said: “The regeneration of the seafront in recent years and some new luxury developments being built have pushed up house prices here, especially for homes that offer the prestige of a sea view. We’ve sold apartments along the seafront for over £600,000, often to people looking to retire or those wanting to secure one now and use as a holiday home until they retire. We’ve had interest from some home-hunters who initially looked at more expensive areas like Southwold, but who now realise they can get more for their money here. The investment in the area has also had a knock on effect on the price of the beach huts, with some going for as much as £35,000.”
On average there are just under one in 10 homes in these seaside towns that have a sea view, with this lack of choice helping to drive up the price that sellers can ask for. The highest proportion can be found in Teignmouth and Paignton, both in Devon, where nearly a third of all properties up for sale offer a sea view. Rightmove has just launched a new Keyword Sort feature to make it easier for home hunters to search for specific requirements, with sea view already in the top five most popular keywords.
Miles Shipside, Rightmove director and Housing Market analyst comments: “Homes in prime positions by the sea are in a virtuous circle as previous owners are likely to have invested more in the property because they could see future potential gains. The local housing markets in these seaside towns around Great Britain vary significantly, but in all areas those with a sea view offer a financial advantage to home owners looking for a buyer possibly wanting to retire or use as a holiday home. The key is making the most of this in the pictures they use when advertising their home so a prospective buyer can see just how great the views are before they book an appointment.”
The most expensive towns for properties under £1 million are Hove in East Sussex followed by Broadstairs in Kent. Hove asking prices have been driven up over the past five years by Londoners moving out and commuting in to the capital. Those looking for the cheapest places with a sea view could consider places like Morecambe and Cleethorpes where there are properties available for under £150,000.
Shipside continues:” Often people will visit a town year after year for their staycation before deciding they would like to live there permanently. If it’s totally out of their price range then it’s worth looking at other seaside resorts around the UK that may suit them just as well depending on their requirements, even if it means having to compromise on location. Our analysis removed any homes over £1 million so not to drive up the average prices in areas, but if you do take a look at the higher end of the market you’ll find a number of waterside mansions in areas like Sandbanks and Salcombe that are up for sale for millions of pounds, and on the flip side houses in much cheaper resorts that are up for sale for as little as £150,000.”
Rightmove’s new Keyword Sort feature has been designed to help home hunters who have a wish-list of one or more features, anything from a sea view or a swimming pool to a Victorian house or a garden. The feature on the search pages allows users to choose one or more keywords and the results are then prioritised with those properties matching their keywords placed at the top of the search results.
Highest price premium for a sea view
| Area | Average asking price for a sea view | Average asking price with no sea view | Asking price premium | % of properties with a sea view |
| Felixstowe, Suffolk | £392,063 | £248,987 | 57% | 14% |
| Lytham St. Annes, Lancashire | £325,530 | £235,691 | 38% | 5% |
| Folkestone, Kent | £307,490 | £222,986 | 38% | 17% |
| Penzance, Cornwall | £321,959 | £237,206 | 36% | 29% |
| Bournemouth, Dorset | £395,196 | £292,431 | 35% | 6% |
| National average | £304,702 | £236,070 | 29% | 7%* |
Most expensive towns with a sea view (analysis of properties under £1 million)
|
Area |
Average asking price for a sea view | Average asking price with no sea view | Asking price premium | % of properties with a sea view |
| Hove, East Sussex | £481,826 | £431,208 | 12% | 11% |
| Broadstairs, Kent | £456,041 | £362,201 | 26% | 17% |
| Poole, Dorset | £452,149 | £364,239 | 24% | 3% |
| Hythe, Kent | £447,456 | £346,550 | 29% | 21% |
| Whitstable, Kent | £429,857 | £391,046 | 10% | 12% |
Cheapest areas with a sea view (analysis under £1 million)
|
Area |
Average asking price for a sea view | Average asking price with no sea view | Asking price premium | % of properties with a sea view |
| Morecambe, Lancashire | £144,401 | £135,502 | 7% | 10% |
| Cleethorpes, Lincolnshire | £169,543 | £134,104 | 26% | 14% |
| Scarborough, North Yorkshire | £196,262 | £172,232 | 14% | 13% |
| Portland, Dorset | £206,855 | £204,082 | 1% | 28% |
| Lowestoft, Suffolk | £206,943 | £190,719 | 9% | 9% |
Areas with highest proportion of properties with a sea view
| Area | Average asking price for a sea view | Average asking price with no sea view | Asking price premium | % of properties with a sea view |
| Teignmouth, Devon | £327,056 | £243,832 | 34% | 30% |
| Paignton, Devon | £267,394 | £210,976 | 27% | 29% |
| Penzance, Cornwall | £321,959 | £237,206 | 36% | 29% |
| Portland, Dorset | £206,855 | £204,082 | 1% | 28% |
| Brixham, Devon | £306,225 | £249,213 | 23% | 22% |
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