Phil Spencer on challenges in UK property market
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GetAgent has analysed current property values in each location and the house price premium when compared to the UK average, as well as the annual rate of growth to reveal the most and least affordable and then best performing. The research showed that a coastal hotspot property will set you back an average £324,798, some £46,362 more than the average UK home.
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While it may be home to some of the most expensive homes outside of London and home to celebrities, Sandbanks in Dorset ranked just third where overall average price of property is concerned.
According to the experts, the area’s average property price is £643,000, 131 percent above the wider UK average.
However it’s the Cornish coastal hotspots of Salcombe and Padstow that currently command the highest price.
The experts said: “At over £1million, Salcombe is by far the most prestigious coastal hotspot, coming in 277 percent more expensive than the wider UK average.
“At £685,465, the cost of buying in Padstow is far more affordable, but will still see you pay a 146 percent house price premium versus the national average.”
Lymington, Southwold and Fowey were also home to an average house price more than double the UK average.
Walebridge, Rock and North Berwick, Perranporth and Budleigh Salterton complete the top 10 coastal hotspots commanding the highest house price premiums in the current market.
There are however, some seaside locations which are a lot more affordable to buy property in.
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According to GetAgent, the “most affordable” seaside location is Millport on the Scottish island of Great Cumbrae, where the average home is just £81,000.
This is -71 percent below the UK average.
Irvine, Blackpool, Girvan, Rothesay and Port Bannatyne also come in around 60 percent below the national average.
In fact, GetAgent said there are no less than 41 coastal towns where the average cost of buying a home sits below the UK average.
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In terms of house price performance, North Berwick ranked top, with property values up by a huge 38 percent.
Exmouth properties climbed 35 percent, while homeowners in Stranraer, Porthcawl and Great Yarmouth enjoyed a 31 percent jump.
Some coastal towns have also seen a decline in prices.
This includes Invergordon, Burntisland, Seahouses, Girvan and Aldeburgh.
Founder and CEO of GetAgent.co.uk, Colby Short, commented: “As an island nation, coastal towns have always been incredibly popular as locals and holiday makers alike search for that perfect piece of the property market complete with a sea view.
“However, it’s fair to say that the pandemic has helped to turbocharge house prices pretty much the length and breadth of the British coastline.
“Not only are the most desirable towns across the South West continuing to command incredibly high market values at present, but there has been some huge rates of house price growth in the last year alone.
“But while the pandemic may have helped drive this market performance to some extent, our obsession with being beside the sea is no short-term fad and so investing in a coastal property is always a smart move.”
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