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The ever-increasing allure of seaside property

The spectacular performance of London’s property market over the last few years has been much commented on, but the recovery of markets outside the capital is now in the spotlight. With more households on the move, activity levels in areas outside London have been picking up, including some of the UK’s most popular coastal locations. The key question is, do we need to scrap the bucket and spade and require a bucket full of cash to be able to wake up with a sea view these days' Transactions nationally have increased by 28% in the last 12 months, with the number of homes sold in South of England at over £350,000 increasing by 38.7% over the same period. However, many of the most popular coastal destinations for second homes owners have seen even greater growth in sales activity. Often associated with high levels of second home ownership, the fortunes of the housing market in these coastal locations are often linked with the strength of London’s housing market and the economy. For example, the volume of transactions in coastal locations fell significantly during the recession. Areas such as Salcombe and Cowes saw the number of properties sold fall by 48% and 43% respectively in 2008 compared with pre-recession levels in 2007.This compared with a fall of 49% nationally. We have concentrated on seven of the most popular coastal locations for second homes. Our research shows that all these markets have seen a rise in transactions over £350,000, exceeding the South East average by some margin. For example, Wells-next-the-sea in north Norfolk, with its long sweeping beach and harbour dotted with children fishing for crabs saw transactions over £350,000 almost double year-on-year (+92%). Cowes on the Isle of Wight, a global mecca for sailors, has seen an increase of 62%. Alongside a sharp rise in transactions, these coastal markets have seen a growth in values that far exceeds the average figures for their respective counties. Across Devon, property prices are now, on average, 19.1% higher than they were a decade ago. However, in the popular coastal towns of Dartmouth and Salcombe, prices have risen by 62% and 69% respectively over the same period. In fact, in exclusive Salcombe (TQ8), the value of property has averaged £628,000 over the last 12 months, 44% higher than in Greater London and higher than all but four of the most expensive London boroughs. This is even more expensive than BH13, the postcode district which covers Sandbanks in Dorset. In Suffolk, average prices of properties sold in the beautiful coastal village of Aldeburgh, with its Blue Flag shingle beach and yacht club are now also higher than in Greater London, at £455,000. Values have increased by 10.8% in the last 12 months and are 92% higher than they were a decade ago. Significant growth in prices, fuelled by demand from outside the county means prices are, on average, 170% more than the Suffolk average of £161,000. Similarly, further up the coast in Wells-next-the-sea prices have risen by 80% in the last ten years. Significant growth in prices over the last decade means average prices, which were 60% higher than the Norfolk average ten years ago now command a 138% premium. It seems that the allure of the seaside has never been stronger, with increased demand and a limited level of supply seeing prices soar in some of our much loved coastal spots. With these conditions, it’s a good time to sell and a good time to move quickly for anyone interested in buying.

Winkworth Blog July_v3

The spectacular performance of London’s property market over the last few years has been much commented on, but the recovery of markets outside the capital is now in the spotlight. With more households on the move, activity levels in areas outside London have been picking up, including some of the UK’s most popular coastal locations. The key question is, do we need to scrap the bucket and spade and require a bucket full of cash to be able to wake up with a sea view these days'

Transactions nationally have increased by 28% in the last 12 months, with the number of homes sold in South of England at over £350,000 increasing by 38.7% over the same period. However, many of the most popular coastal destinations for second homes owners have seen even greater growth in sales activity.

Often associated with high levels of second home ownership, the fortunes of the housing market in these coastal locations are often linked with the strength of London’s housing market and the economy. For example, the volume of transactions in coastal locations fell significantly during the recession. Areas such as Salcombe and Cowes saw the number of properties sold fall by 48% and 43% respectively in 2008 compared with pre-recession levels in 2007.This compared with a fall of 49% nationally.

We have concentrated on seven of the most popular coastal locations for second homes. Our research shows that all these markets have seen a rise in transactions over £350,000, exceeding the South East average by some margin. For example, Wells-next-the-sea in north Norfolk, with its long sweeping beach and harbour dotted with children fishing for crabs saw transactions over £350,000 almost double year-on-year (+92%). Cowes on the Isle of Wight, a global mecca for sailors, has seen an increase of 62%.

Alongside a sharp rise in transactions, these coastal markets have seen a growth in values that far exceeds the average figures for their respective counties. Across Devon, property prices are now, on average, 19.1% higher than they were a decade ago. However, in the popular coastal towns of Dartmouth and Salcombe, prices have risen by 62% and 69% respectively over the same period. In fact, in exclusive Salcombe (TQ8), the value of property has averaged £628,000 over the last 12 months, 44% higher than in Greater London and higher than all but four of the most expensive London boroughs. This is even more expensive than BH13, the postcode district which covers Sandbanks in Dorset.

In Suffolk, average prices of properties sold in the beautiful coastal village of Aldeburgh, with its Blue Flag shingle beach and yacht club are now also higher than in Greater London, at £455,000. Values have increased by 10.8% in the last 12 months and are 92% higher than they were a decade ago. Significant growth in prices, fuelled by demand from outside the county means prices are, on average, 170% more than the Suffolk average of £161,000.

Similarly, further up the coast in Wells-next-the-sea prices have risen by 80% in the last ten years. Significant growth in prices over the last decade means average prices, which were 60% higher than the Norfolk average ten years ago now command a 138% premium.

It seems that the allure of the seaside has never been stronger, with increased demand and a limited level of supply seeing prices soar in some of our much loved coastal spots. With these conditions, it’s a good time to sell and a good time to move quickly for anyone interested in buying.

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