The Real Costs of Seaside Living
When it comes to living by the coast, there is no doubt that there is something of a long-time appeal. We all have visions of a stunning sea view, and a rugged, rustic life by the coast.
With that being said, if this is the kind of dream that you want for yourself, you should probably be prepared to put down some serious cash. This kind of property is not cheap, and it is much more expensive than you might think to move to a coastal seaside property in the UK – it’s important to understand why.
On average, the costs for coastal properties are rising. You can expect to pay at least £100,000 more for the privilege of living by the seaside, in some cases paying up to £150,000 more. Naturally, this restricts a lot of people from ever getting the chance to buy property down by the coast.
Overall, the southwest area of England has the highest premiums for property by the sea, at 42%.
This is seconded by the northwest, which caps out at 33%, and then Wales were 27%. Just on this kind of reasoning, it’s not exactly surprising to know that the southwest is where the most expensive properties along the coast are. The average asking price for a property in 2022 is well in excess of £400,000.
The average premium across-the-board for a property down by the coast is 31%, or some £86,000. However, this premium is steadily climbing all the time, in some cases rising by £20,000 in 12 months.
Tim Bannister is the Director of Property Data at Rightmove, and said that
“People who live in coastal areas are most content with where they live. 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.”
Other areas that are attracting a high premium are located near national parks. Studies suggest that it could be nearly £50,000 more expensive to live near a national park, owing to the area around the property and the obvious natural beauty.
In 2022, the most expensive national park to live near was The New Forest. This had an average asking price of £475,000 in villages like Ashurst and Lyndhurst. Furthermore, these properties have an average premium of £95,000, which is fairly substantial compared to other properties in different parts of the country.
The south downs are also considered to be a popular area to live in. This covers towns like Sussex and Hampshire, as well as Midhurst and Petersfield. As is the case with other popular destinations, the price of the average home is much higher than other parts of the country.
