In recent months we have seen a rise in demand for homes near the seaside or in the country. The demand has doubled compared to before the pandemic. Mostly, the demand has been driven by city dwellers.
Enquiries for homes in coastal locations has rose by 115% compared with the pre-pandemic figures. This is a result of many workers no longer needing to commute everyday due to working from home and the drastic lifestyle changes that this has incurred. Moreover, moving to the country generally allows for bigger homes with more land, one of many reasons why city dwellers could be more inclined to move.
The average time for a coastal home to be on the market for in 2019 was 71 days, compared with 51 days in 2021. Be sure to act fast if you’re looking to relocated to a more rural location.
Tim Bannister of Rightmove said:
“What’s really interesting about this research is that it suggests that the initial surge of people enquiring about locations outside of cities before the pandemic, has transitioned into a more medium term shift in behaviour.”Tim Bannister, Rightmove
This does mean that some of the coastal locations have seen a notable increase in buyers from other locations. Meaning that there is more competition in these areas when people search for their next home.
Property Hotspots on the Coast
Dartmouth, Devon saw the biggest surge in interest from buyers, increasing the demand for homes near the seaside. To whom raised the local market by 117%, the highest it has been in 20 years.
The Coastal House, Dartmouth estate agent said:
“We are seeing people put in offers on properties without even visiting them in person. The increase in demand was further amplified by the extension of the stamp duty holiday to the end of September and the rapid progress of the vaccine roll-out.The Coastal House, Dartmouth
Last year’s lockdown had a significant impact on the number of homes sold in the South Hams. Only 1,322 homes sold in 2020: a drop of 50 per cent on the number of homes sold in 2019 (2,633).”
Many families are looking for a different way of life, as a result many from cities are constantly calling The Coastal House:
“With property demand so far in excess of supply, and a distinct lack of premium, unique homes available to buy, we predict that property prices will continue to remain strong throughout at least the next few months.”The Coastal House
Buyer demand soared by 112% this year in Salcombe, also in Devon. Theo Spink, director of property agents Luscombe Maye said:
“It is now the most expensive coastal town in the country – even more so than Sandbanks”Theo Spink, Luscombe Maye
“The demand in Salcombe itself has come from all over the country – yes, London and the South East, but also the Midlands and central/southern England such as Wiltshire and Hampshire.”
“Demand has always outstripped supply in the town but post Covid, this has been exacerbated.”
“Many properties, particularly this year, have sold exceptionally quickly – with sometimes multiple viewings in a very short period of time, resulting in multiple offers being received.”
“This has meant some properties achieving well in excess of their price guide.”
Have Coastal House Prices Risen?
Using recent research, we can see that that the average cost of a coastal home has risen by 7%. From £255,000 in 2019 to £272,165 in 2021.
Some coastal areas have seen asking prices grow more than 20% compared to 2019: Helensburgh in Dunbartonshire (27%), Padstow in Cornwall (24%) and Gourock in Renfrewshire (21%).
Tim Bannister said:
“While this is by no means an end to city life or a mass exodus, it does suggest that many buyers are seeing city and coastal locations both as options to consider.”Tim Bannister, Rightmove