News & insights
Oh, we do like to live beside the seaside
29th July 2016
It’s not hard to see the appeal of the seaside while enjoying a, likely to be shortlived, British heatwave. But, it seems we love to live beside the seaside, whatever the season.
Seaside towns across the country are enjoying year-on-year property price increases of up to 12.5%, according to latest research.
The top ten price price increases have been mainly in the South East, with Margate, famously visited in Only Fools and Horses, taking the top spot with a 12.54% increase, taking average property prices to £202,276.
Others in the top ten include Walton-on-the-Naze in Essex, Felixstowe in Suffolk and Porthcawl and Llandudno, both Wales.
One northern destination, however, does take second place. Grange-over-Sands in Cumbria has seen a rise of 10.58%, with average house prices now standing at £273,965.
The area with the biggest fall was Cleethorpes in Lincolnshire which saw property prices drop by 5.47% to £126,331. Areas in Devon, Cornwall, Wales and Aberdeen have also seen decreases, as has Saltburn, North Yorkshire, which had a fall of 4.33% to £140,396. Saltburn is names in the lowest value seaside towns, along with Blyth in Northumberland.
Additional statistics for North Yorkshire show a rise for Filey of 1.94% bringing average prices to £168,734 and a rise in Whitby of 1.36% with prices now up to £227,257. Scarborough has seen a modest decrease of 0.16%, taking property costs to £169,342.
It’s great news for buyers that coastal resorts in the North East remain some of the most affordable for property purchases in the country.
A quick glance at property portals reveal homes in Saltburn, for example, are for sale from £60,000 to £455,000, offering a good choice for first-time buyers, investors and larger families.
Regeneration schemes along this coastline are having a positive impact for residents and visitors alike.
The area is also set to benefit from a new national trail opened this summer. The 68-mile stretch, part of a wider scheme to open up more coastal paths nationwide, is the longest continual coastal route in England and gives walkers improved access to the coast from Filey Brigg, North Yorkshire, all the way to Middlesbrough.
The opening is likely to attract overnight visitors to the area, making buy-to-let holiday homes more attractive to investors.
Whether looking for a seaside home as a primary family residence, as a second home, as a place to retire, or as a holiday let a coastal location could provide the perfect solution, as well as being a sensible investment for the future.
Martin Williamson is Head of Residential Property at Latimer Hinks Solicitors in Darlington. Latimer Hinks has a team of around 40 people serving private and corporate clients. For further information: www.latimerhinks.co.uk or call 01325 341500.
Please note: This article is intended as guidance only and does not constitute advice, financial or otherwise.
For further information please contact Martin Williamson