Online estate agent Tepilo asks why properties with a sea view cost more, with the seaside town of Felixstowe generating the highest premiums.
Sellers of a home with a sea view can expect their property to cost 29% more than those without one, according to new analysis carried out by Rightmove.
A study of properties for sale in seaside towns found that homes with a sea view command a 29% premium, with the chance to stare longingly at the vast ocean on a warm summer’s day likely to be highly appealing to many buyers.
Focusing on seaside towns across mainland Britain, the analysis studied all properties for sale under £1 million and found that the average asking price for a home with a sea view stood at £304,702, in comparison to £236,070 for a home without one.
Felixstowe soars above the rest
Felixstowe – a popular seaside town on the Suffolk coast – commanded the highest price premium (57%) of any seaside town in the UK, with overall asking prices increasing by 45% over the past five years, compared to an average rise of 27% nationally. House price growth here has been boosted by major investment in the town, in particular along its seafront.
Seafront apartments go for as much as £600,000, while at the other end of the scale there are beach huts – an increasingly popular investment choice in recent years – on offer for just under £20,000.
The second highest premium was witnessed in Lytham St Annes in Lancashire, a seaside resort on the Fylde coast, just south of Blackpool. Sellers here can use the sea views on offer to command a 38% premium.
The regeneration of seafronts, the appeal of coastal towns to artists, sculptors, writers and creatives, and a broad range of house-hunters – from retirees to families and young professionals to those looking to invest in a holiday home – have all helped to keep demand high, pushing prices up in the process.
Sea views not universal
Not every home in a seaside town can offer sea views, which is why homes that can typically go for more money. Fewer than one in ten homes in seaside towns, in fact, boast a sea view, with this lack of choice helping to drive up the price that sellers can ask for.
The highest number of homes with sea views can be found in Teignmouth and Paignton, two seaside towns in Devon, where almost a third of all properties currently up for sale provide buyers with this key selling point.
The commuter effect
Hove in East Sussex is the most expensive town in the country for properties under £1 million with a sea view, followed by Broadstairs in Kent. Asking prices in Hove have grown rapidly in the last five years as the result of an increasing number of Londoners moving to the town and commuting in to the capital.
This increased demand from those looking to swap London life for seaside living has helped to grow prices quickly in an area that was already desirable among buyers eager to live in one of the South Coast’s most trendy, offbeat areas.
By contrast, bargain-hunters looking for a property with a sea view would be most at home in the traditional seaside resorts of Morecambe and Cleethorpes, where homes are on offer for less than £150,000.
Use sea views to your advantage
If your home happens to have a sea view, this needs to be front and centre of your marketing strategy when it comes to attracting potential buyers. When advertising your home, make sure pictures of the sea view – preferably during summertime or the early autumn when it’s likely to look at its most stunning – are included to entice more buyers to view your property in person.
Of course, when the viewing itself takes place, you should also make plenty of the sea views on offer to really sell your home to prospective buyers. Allow them to soak up the sea view for as long as they wish – it is likely to be one of your main selling points and, as the research above outlines, can help to add a hefty premium to your asking price.
If you’re looking to sell this summer, you have the perfect weather to show your sea view at its very best – this, once again, should enhance your chances.
Even if you can’t offer sea views or seaside living, now is still a good time to sell, with demand from buyers remaining high and conditions for sellers remaining favourable. Use the good weather – and the increased number of buyers out and about eager to view homes – to your advantage.
Remember, though, to ensure your home is clean, attractive, well-maintained and tidy to increase its appeal to potential purchasers.