Who doesn’t love a house with a view? Imagine waking up in the morning and watching the sun rise over the sea; sipping your morning coffee on the balcony with a stunning view of the sea. Sounds like the dream, right? Well, sea view homes in the UK are highly popular and they certainly come with a premium price tag. In conversations with estate agents in York, discover how a sea view impacts the price of your home and adds value to your property.
Ever since Brexit and the start of the Covid-19 pandemic, countryside homes and properties close to the sea have become increasingly popular in the UK. According to market experts, a seaside view has added a whopping £86,000 to the value of a property since the end of the pandemic. In 2021, the average cost of a property with a seaside view in the UK was averaging over well over a quarter million pounds costing approximately £368,300. In 2020, the average cost of a property with a sea view was just a little over a quarter million pounds, amounting to £282,218. Essentially, having a direct view of the sea can add around a whopping £86,000 to the value of the property. Clearly, sea views have a direct impact on the value of a home and a great impact indeed!
But, why are sea view properties so popular? The desire to move to a property by the water in 2022 really shot up the demand for such homes, which is what led to a spike in property prices. The waterside market especially outpaced and outgrown the UK housing market for the very first time since 2018. From 2022 to 2023, the average price of waterside properties has increased by a whopping 10 per cent. Keep in mind, the average price of property in the UK as a whole has increased by 8 per cent from 2022 to 2023. According to data from HM Revenue & Customs, when the selling price of properties all across the UK was compared after dividing properties into waterside properties and non-waterside properties, it was found that the average purchase price for properties near water bodies rose by 23 per cent in the last 5 years. The data considered waterside properties as any property that was 50 metres away from any body of water, including lakes, seas, canals and rivers. This data proves that properties with a sea view, or waterside properties, will consistently sell for a premium due to high demand.
Market experts believe that while there was certainly a race for green space during the Covid-19 pandemic there was an equally frantic race for blue space. After the Covid-19 pandemic, many people were looking to leave cities like London and Manchester and move to the countryside, the boroughs, the small towns and the seaside. This is mainly due to the restrictions in the city, the need for increased living space and a desire to own a property with private outdoor spaces. Many homeowners, buyers and investors were looking to move near the seaside to enjoy the peace, calm and tranquillity of living by the water. They felt that living closer to the sea would make them healthier and happier. It is due to this increase in buyer demand that the value of properties with a sea view rose drastically in the past few years.
In 2022, the average price of a home that was even bordering the River Thames sold for more than a whopping £1.5 million. On average, a home in West London will cost around £972,000 whereas a home in East London will cost approximately £533,000. Evidently, a riverside view or a waterside view can add a whole lot of value to a property. Any apartment, new build or home that has a direct view of the Thames can command a 50 per cent higher value than a similar apartment, new build or home in the same street without a waterside view. Essentially, coastal homes and seaside properties have seen some of the biggest increases in property prices since the Covid-19 pandemic. As buyers rushed to move out of the city, sea view properties reached their high point selling at the highest premiums in the UK.