As many house-hunters continue to flee cities in search of more space, heading for the countryside and beyond, a new study from Rightmove reveals that those who are heading for the coast may find as well as it being nice beside the seaside, it's also expensive.
According to Rightmove's latest research, the scenic Welsh town of Mumbles is currently Britain’s top coastal price hotspot.
The quaint seaside town, nestled on the coast of Swansea Bay, has seen average asking prices rise by 47% since 2015, which is a bigger five-year increase than any coastal area in Britain. Local agents report that the new seafront development Oyster Wharf, which boasts a variety of restaurants, coupled with outstanding beaches, has contributed to the rising prices.
The average asking price of a home in Mumbles is currently £344,832, which is £110,537 more expensive than five years ago.
This also means that asking prices in the Welsh town are over £22,000 more expensive than the national average of £322,025 and almost £130,000 more expensive than the Welsh average.
Next up on the list of coastal price hotspots is Camber in East Sussex, and Fowey in Cornwall, which have both seen average asking prices rise by 45% over the past five years.
Places in Wales and the south of England dominate our top ten, with Sandilands in Lincolnshire the only coastal location representing a more northerly region.
The data also found that Sandbanks in Poole – one of the most exclusive enclaves in the country – remains the most expensive coastal location in Britain, with average asking prices of almost £1.2 million. Furthermore, Seaford in East Sussex has emerged as the coastal town that’s seen the biggest spike in interest over the past 12 months.
Buyer searches for the south coast town have more than doubled (+104%) since this time last year.
Teignmouth in Devon (+99%) and Shoreham-by-Sea (+96%) are two other coastal areas that have seen a sharp rise in popularity.
Tim Bannister, Rightmove’s Director of Property Data, said: “Relocating to a coastal area is a dream move for many home-hunters and it’s safe to say that lockdown has intensified that desire to live beside the sea for many people. Properties in seaside towns usually come at a premium, but what’s fascinating about this list of coastal price hotspots is that there’s a relatively wide range of price points. Mumbles has always been a popular destination among British holidaymakers and therefore it stands to reason that home-hunters would seek it out for their year-round fix of sand and sea.”
Ben Davies, managing director at Belvoir Estate Agents in Mumbles, said: "As a former Victorian fishing village, Mumbles has definitely got its own identity. It’s a destination in its own right and we’ve always seen huge demand to live here.
"Mumbles is perched on the coast of Swansea Bay, just down the shoreline from Wales’ second city, so we’ve got easy access to all the amenities that a city has to offer without being a part of it.
"Our coastlines are spectacular as well, that’s a major draw for people, and Mumbles is the gateway to Gower, the first area in the UK to be designated an Area of Outstanding Natural Beauty. The beaches are just walking distance away and the vibe of the town is really special.
"Mumbles has seen lots of development in recent years, too. Oyster Wharf is a shining new development which has created a Mediterranean style plaza fronting onto the seafront. However, the town has still retained its charm and you’ll find lots of seafront restaurants and independent boutiques, bars and delis down here.
"What also goes in Mumbles’ favour is that you can get a lot more bang for your buck here, despite the rising prices, than in places like Cornwall and Devon. It’s popular for people who work in London part of the week, as there’s a direct train link from Swansea to Paddington.
"This year especially, we’ve seen a marked increase in purchases from buyers in London and Bristol. Now that people can work remotely, I think they’d rather have sea views whilst they work that blocks of concrete.”