Many home buyers aspire to live by the sea, but just how much more are they prepared to pay for this luxury? Our latest research reveals that homes located within 100 metres of the coast are worth on average 10.5 per cent more than neighbouring properties located just inland, but this figure can rise to nearly 25 per cent depending on the location.
By value, the most expensive coastline in Britain is the South West of England where the average sale price of homes within 100 metres of the sea is £311,988, 16.2 per cent higher than their more inland counterparts. For those looking to buy in the well-established and traditionally prime hotspots of Sandbanks and Canford Cliffs, the price of this exclusivity rises to £1.3 million.
The map below shows the key coastal hotspots around Britain using Land Registry data, and highlights that in the majority of regions, buyers pay a clear premium. In the North of England, although average prices are lower than those further south, the premium can be significantly higher. Coastal homes in the North East and Yorkshire & The Humber can expect to fetch on average an additional 24.8 per cent and 21.3 per cent, respectively.
By contrast in the East of England, which includes the industrial ports of Lowestoft and Felixstowe, the average value of coastal homes is £231,419, two per cent lower than those located further inland, indicating there is a slight discount to be had. However for buyers seeking to move to the prime coastal towns of Aldeburgh and Southwold, the average price of a home stands at £374,000 – well above the average for the region.