Britons’ passion for the seaside has grown this year but a home by the often not-so-balmy waters on the coast will set buyers back a hefty premium, a report suggests.
The premium forked out by buyers looking to snap up a property with a sea view has shot up by £19,000 this year, from £66,959 in 2019 to £86,060 in 2020, according to Rightmove.
The national average asking price of a home with a sea view is currently £368,278, compared to £282,218 for a property with a more prosaic outlook.
Still want to be beside the seaside? Average sea view property premiums across Britain
The South West of England has the biggest sea view price premium of 42 per cent, and is where the average asking price of properties commanding a sea view are highest, at £415,296.
In Scotland, buyers wanting a home with a sea view can expect to pay a 21 per cent premium, while those in the North East will have to fork out an extra 33 per cent.
Yorkshire and the Humber has the lowest average premium for a home with a coastal view out of anywhere in the country, according to the findings. At £185,542, a home with a sea view here costs 17 per cent more than one without.
In terms of where prospective buyers may want to set their sights on, Cornwall is the county with the most homes advertised with a sea view at present, according to Rightmove, while Brighton and Hove also boasts of having a high number of homes on sale with a coastal outlook.
Speaking to MailOnline, Joe Wheeler, a director at Wheeler Estate Agents in Brighton and Hove, said: ‘We have noticed there are even more people than we have normally seen wanting to be by the seaside, in particular with direct sea views.
‘This in part is caused by the desire to leave cities like London due to Covid-19 and the restrictions that has caused.
Picture perfect: A five-bedroom contemporary beach house in Abersoch, Wales, on sale via Savills
Now there’s a view: The stunning property in Abersoch is on sale for offers over £3million
Modern living: You can wine and dine in style overlooking sweeping sea views here in Abersoch
‘The seaside to many feels calmer and healthier. I often hear buyers say that if they are moving to Brighton or Hove, they want to be able to hear and see the sea.’
During lockdown, many estate agents claim they have seen a seismic jump in demand for homes by the sea or in rural areas, as swathes of people adjust to working from home while desiring more space and to get back to nature.
Fran Moynihan, head of Savills Waterfront, said: ‘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.’
Meanwhile, Rightmove’s director of property data Tim Bannister said: ‘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.’
Ian Lillicrap, director of estate agent Lillicrap Chilcott in Truro, said: ‘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.’
This year has seen a mini-boom in the housing market, with demand for homes away from urban hotspots in high as more people work from home.
But, house prices are expected to fall next year due to the end of the stamp duty holiday and a hit to household incomes when the furlough scheme draws to a close.
The Office for Budget Responsibility said that the level of house prices remains around 17 per cent lower over the five-year forecast period, compared to estimates in March.
Quaint: This timber-faced two bedroom home in Central St Ives, Cornwall is on sale for £550,000 via Lillicrap Chilcot
What a view: The property in Central St Ives has been designed around its breathtaking views over the sandy beach of St Ives harbour to Smeatons Pier and beyond
Cosy: One of the two bedrooms in the getaway bolthole in Central St Ives, Cornwall
