Buyers are paying a premium of up to £222,294 for coastal homes that include a sea view.
The asking price for a property overlooking the water has climbed from £235,635 in 2019 to £298,810 today, representing a 27 per cent rise. This outpaces the national average property price increase of 22 per cent over the same period, according to property portal Rightmove.
West Mersea in Essex commands the highest sea view premium in the country. Buyers pay an average of £655,479 for a home with a view, a £222,294 or 51 per cent increase over the £433,185 average for other coastal homes in the town.
Frinton-on-Sea, also in Essex, has the second largest premium. Sea view properties there cost £492,344 on average, which is £130,699 or 36 per cent more than the £361,645 average for other local coastal homes.
Other locations with the highest sea view markups include:
- Broadstairs, Kent: £528,280 for a sea view, £128,943 more than the £399,337 regular average (32 per cent premium)
- Littlehampton, West Sussex: £501,813 for a sea view, £120,696 more than the £381,117 regular average (32 per cent premium)
- Newquay, Cornwall: £430,284 for a sea view, £95,993 more than the £334,291 regular average (29 per cent premium)
- Exmouth, Devon: £448,513 for a sea view, £96,469 more than the £352,044 regular average (27 per cent premium)
- Worthing, West Sussex: £469,283 for a sea view, £99,262 more than the £370,021 regular average (27 per cent premium)
- Ryde, Isle of Wight: £354,587 for a sea view, £70,073 more than the £284,514 regular average (25 per cent premium)
- Penzance, Cornwall: £402,657 for a sea view, £69,553 more than the £333,104 regular average (21 per cent premium)
- Boscombe, Dorset: £343,408 for a sea view, £57,469 more than the £285,939 regular average (20 per cent premium)
Regional asking prices
The South East is the most expensive region for sea view homes, with average asking prices at £416,375. The South West follows at £398,764.
However, the East Midlands and Yorkshire and the Humber recorded the largest price leaps over the past seven years. Sea view homes in these regions saw price gains of 55 per cent and 53 per cent, respectively.
"A sea-view has long been seen as one of the most desirable features a home can offer, and our latest analysis shows buyers are willing to pay a significant premium for one," Colleen Babcock of Rightmove said. "While some of Britain's most prestigious coastal locations continue to command the highest prices, we're also seeing notable growth in more affordable seaside areas, suggesting that sea-view homes are becoming increasingly valuable across a wider range of the market."
"For buyers, it highlights the importance of considering not just the property itself, but the lifestyle and setting that come with it," she added.
Coastal housing supply
Ian Harris, president of estate agency group Propertymark, said families are willing to pay over the odds for sought-after features in areas with a limited supply of homes.
"The pandemic prompted many people to reassess what they wanted from their home, with lifestyle, wellbeing and access to outdoor spaces becoming increasingly important considerations," Harris said. "Whilst the market has since stabilised, those changing priorities have left a lasting legacy, and many coastal locations continue to attract buyers who value quality of life alongside their property investment."
"Greater workplace flexibility has also widened the appeal of living by the coast, making it a realistic option for more people than it was before 2020," he added. "At the same time, many coastal communities have a limited supply of homes, meaning sustained demand can have a noticeable impact on property values, particularly where sought-after features such as sea views are concerned."
Buyers looking at coastal properties are also advised to consider transport links, flood resilience, low insurance costs and future resale potential alongside the view.
