An analysis from Rightmove has looked at properties for sale in seaside towns, revealing that those with a sea view can go for 29% more than those without.
Looking at all properties for sale below £1m, the analysis found that the average asking price for a sea view across the mainland of Great Britain is £304,702. This is compared to £236,070 for a property without one.
At this time of year, almost everyone is itching to get their feet stuck in the sand and sunbathe on a beach, and with the wonderful weather we’ve been having, there’s no need to go abroad. Landlords, this could be a great opportunity for investment! Taking into account these trends, this could justify higher rent prices, and therefore increase your return on investment (ROI).
Felixstowe on the Suffolk coast is home to the priciest sea view properties, having a 57% premium. This is up to £143,000 more, according to Rightmove’s research. Over the last five years, the overall asking prices for properties in the area have gone up by 45%. This is compared to the national average increase of 27%. It is considered that this has largely been helped by investment in the town along the seafront.
Next on the list of areas with the highest premiums is Lytham St. Anne’s in Lancashire, with sellers asking for a 38% premium. With there not actually being a lot of choice when it comes to properties with a sea view in this area, this has provided the opportunity for sellers to ask for a higher price.
Currently, you can find seafront apartments on Rightmove for over £600,000. Alternatively, beach huts make a great base for day trips. You can find them for around £20,000 on Rightmove at the moment.
Steve Scott, partner at Scott Beckett Estate Agents in Felixstowe, has commented: “The regeneration of the seafront in recent years and some new luxury developments being built have pushed up house prices here, especially for homes that offer the prestige of a sea view.
“We’ve sold apartments along the seafront for over £600,000, often to people looking to retire or those wanting to secure one now and use as a holiday home until they retire.
“We’ve had interest from some home-hunters who initially looked at more expensive areas like Southwold, but who now realise they can get more for their money here.
“The investment in the area has also had a knock on effect on the price of the beach huts, with some going for as much as £35,000.”