Sea view worth £86,000 above average property price
According to an analysis of listings by property website Rightmove, homes on the market with a sea view have asking prices £86,060 higher on average than those without.
The coronavirus pandemic has led house buyers to aspire to “walks on the beach and a life of contentment”, and the national average asking price of homes with a sea view is now £368,278, compared with £282,218 for those without. In 2019 the typical “sea view premium” stood at £66,959, this year it has risen by more than £19,000.
Seemingly the pandemic, national lockdown, and local restrictions has led to more city-dwellers fleeing to the countryside to escape the lack of outdoor space. These individuals have seemingly sought a better work life balance and the consensus, certainly via price point, seems to have led to sea views being worth considerably more than other properties.
Director of property data at Rightmove, Tim Bannister, said, “We know from our report that, across Britain, 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, 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.”
The head of estate agents Savills Waterfront, Fran Moynihan, commented, “Ordinarily homes by the sea are popular, but this year we have seen the demand for a coastal lifestyle grow even more.”
Furthermore the Halifax announced earlier this month that the average property price has risen by £15,000 since the end of June in the strongest growth spurt since 2004. However, there could be a correction and market slowdown next year when the Government’s stamp duty holiday comes to an end.