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For many, owning a holiday home on the coast is the dream. Albeit at a price, but just how much could that fantasy property cost us? It will come as no surprise that there is often a hefty premium to be paid. Especially when it comes to proximity to the coast. Further still if that proximity extends to a view of it.
The latest research from Savills indicates that properties found within 100m of the British coast fetch a premium. On average, they’re 10.5% more expensive than those located further inland.
22% of second-home buyers plumped for purchases in the South West in 2016. Cornwall and Poole consistently proving popular locations, there are a number of other UK hotspots located across the British Isles. Is yours in the top 10?
St Andrews – Scotland
The most Northern of the property hotspots to be included in this list is St Andrews. It’s the home to a world famous golf course and the university at which Prince William spent his undergraduate years. Its proximity to the coast contributes to average property prices soaring to £294,000, a staggering 77% higher than the national average.
The Wirral – North West
Whilst not as traditionally well known for tourism, properties on the Wirral coast currently fetch an average of £280,000. From this location you’ll be able to offer your guests and visitors easy access to local tourism hotspots. These include Anglesey, Snowdonia and the historic city of Chester.
The Welsh Coast
The popularity of a number of locations such as Conwy on the Welsh coast means that there’s more of a premium to be paid than that across the border in England. Those buying a second home in the coastal areas of Wales can expect to pay a near 20% premium on average prices.
The South West
The West Country represents the most expensive stretch of coastline on the British Isles. Wanting a pad in Sandbanks? You’ll be needing to fork out an average of £1.3m! Looking for a place in a well-known Cornish of Devonshire coastal hot spot? Expect to pay a premium of just shy of 17%.
The capital is perennially popular with overseas visitors, so if you’d like to give your guests the benefits of one of the busiest cities in the world and the tranquility of water how much might you need in your back pocket?
Flats between Teddington Lock and the Royal Docks average £595,000 when located within 100 metres of the water, a sizeable 19% more than if your property is located just 800 metres down the road.
The South and South East
One of the most expensive locations to buy a second home on this list; Southern cities such as Chichester not only provide your guests access to that crucial coastline, they also see their prices spiked by their proximity to London. If you’d like the South East to be a home to your coastal cottage, then expect to pay more than £575,000.
Perhaps you picture your dream second home in Suffolk? The average coastal property prices in the popular spots of Aldeburgh and Southwold are currently north of £370,000.
Once an incredibly popular seaside town, Skegness now boasts some of the most competitive prices when it comes to brining the coast to your doorstep. With coastal averages of around £112,000, this area could be seen as something of a bargain when compared with other like-for-like areas.
When you consider that this is one of the most popular areas of the UK for domestic travel, the average coastal prices of £203,000 won’t put too many would-be buyers off of making Yorkshire a second home. If you’re wanting a slice of popular towns such as Whitby or Scarborough, you can however expect to pay more than a 20% coastal premium.
Last but certainly not least, the North East has lower average property prices than other areas of the UK. However interestingly it has the highest premium for living on the coast. With those near the sea paying 25% more than the those further inland.
So after all of that, where will you be making your second home? You may be interested in our previous posts on buying and letting a holiday cottage:
- 5 reasons why now is a great time to buy a holiday let
- Buying a holiday cottage to let
- Benefits of holiday letting your second home
Boshers offer specialist holiday home insurance to owners across the UK. Require a quote for your holiday apartment, cottage or complex? Please give us a call on 01237 429444.