£86,000 typical price premium for a home with a sea view

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The typical premium to buy a home with a sea view has surged by more than £19,000 over the past year, as demand for coastal properties has been boosted during lockdown.

Homes on the market which are listed as having a sea view have asking prices £86,060 higher on average than those without, Rightmove said.

This is £19,101 higher than the typical premium in 2019, which stood at £66,959.

The national average asking price of homes with a sea view is now £368,278, compared to £282,218 without.

Across Britain, this equates to a typical premium of 31% to buy a home with a sea view, up from 27% last year.

Cornwall
Cornwall

The nationwide trend of coastal properties becoming more popular in 2020 has helped push up the average price premium for a sea view, Rightmove said.

Estate agents have reported demand in coastal and rural areas jumping during the coronavirus pandemic, as buyers are keen for more space and expect to be working from home more often.

The south-west of England has the biggest sea view price premium of 42%, and is where the average asking price of homes with a sea view are highest, at £415,296, the report found.

Cornwall is the county with the most homes advertised with a sea view, while Brighton and Hove is the city authority with the biggest number of homes listed as having one, Rightmove said.

Rightmove’s director of property data Tim Bannister said: “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.”

Fran Moynihan, head of Savills Waterfront, said: “Ordinarily homes by the sea are popular, but this year we have seen the demand for a coastal lifestyle grow even more.

“With the type of property available along the coast varied, ranging from fisherman’s cottages to beachfront mansions and modern new-build developments, there really is something for everyone. Whether it’s for sailing, surfing, sea-fishing, wind-surfing, or even just a walk to take in the view, buyers are now more than ever eager to be close to the sea.”

Ian Lillicrap, director of estate agent Lillicrap Chilcott in Truro, said: “There’s something about the sea which has always captivated the imagination and, when it comes to house buying, the wallet too.

“Naturally, of course, there are premiums even within the exclusive bracket of homes with a sea view. For example, it depends on whether you’re buying a home with a glimpse of the sea, a direct panoramic sea view, or somewhere with direct sea frontage.

“Each has its price, and the prices can be high. You’ll pay a premium of at least 100% for the very best sea views and vastly greater than that for direct water frontage.”

Here are average asking prices for homes advertised with a sea view and the premium in percentage and cash terms compared with homes with no sea view, according to Rightmove:

– South West, £415,296, 42%, £123,381

– North East, £209,370, 33%, £51,929

– Wales, £323,800, 27%, £68,257

– East of England, £331,153, 25%, £66,860

– North West, £204,834, 24%, £39,189

– South East, £371,385, 20%, £61,556

– Yorkshire and the Humber, £185,542, 17%, £27,040

– Scotland, £134,145, 21%, £21,892

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