Some out-of-favour coastal locations have seen local house prices slump dramatically – while long-standing popular hotspots retain large premiums.
The less popular locations have seen price drops of as much as 38% while premiums can extend up to 76%.
The research shows that: –
Coastal house prices cool
• Seahouses in Northumberland has seen the largest annual decline in house prices of all the coastal hotspots analysed by Yopa, with the average property value falling by -38.0% over the last year.
• Portmeirion, Wales, ranks second, where house prices have declined by -20.2%, whilst Fowey in Cornwall has seen values fall by -18.3%.
• North Berwick in East Lothian (-13.8%), Lossiemouth in Moray (-11.8%), Watchet in Somerset (-10.7%), and Aldeburgh in Suffolk (-10.6%) have also seen notable reductions over the last year.
The coastal hotspots commanding the biggest premium
• Sandbanks in Dorset tops the table, where the average property price currently sits at £682,598, some 75.6% higher than the wider Bournemouth, Christchurch and Poole average.
• Padstow in Cornwall ranks second, commanding a premium of 70.0%, whilst Salcombe in Devon sits third at 68.1%.
• Perranporth in Cornwall (55.4%), Southwold in Suffolk (51.6%), Kirkcudbright in Dumfries and Galloway (51.5%), Helensburgh in Argyll and Bute (50.7%), and Porthcawl in South Wales (50.0%) also command premiums of around 50% or more when compared to their surrounding local authority market.
Where buyers can still find value
• Thurso in the Scottish Highlands ranks as the most affordable coastal hotspot when compared to its surrounding market, with the average house price sitting -38.1% below the wider Highland average.
• Scarborough in North Yorkshire also offers considerable value, with house prices -34.8% below the wider North Yorkshire average, whilst Lossiemouth in Moray comes in -31.3% below the wider local authority average.
• Millport in North Ayrshire (-30.6%), Campbeltown in Argyll and Bute (-29.6%), and Weston-super-Mare in Somerset (-27.5%) also offer buyers the opportunity to secure a coastal home at a discount versus the wider local authority market.
The research is by online agency Yopa.
This article is taken from Landlord Today