We hear a lot about the best coastal locations to buy a property in the UK however living by one of the nation’s stunning freshwater beauty spots like our lakes, lochs and reservoirs can be just as good, and perhaps even better.
Since the global pandemic struck, more and more Brits have chosen to take staycations rather than risk holidaying in foreign countries where quarantine rules might change at the drop of a hat. Popular staycation designations include our stunning national parks, culture-packed city breaks and our thousands of miles of unspoiled coastlines.
As demonstrated by the plethora of TV programmes on the subject, Brits are well known for craving a dream home on the coast – in fact, a recent survey found that 60 per cent of Brits yearn to own a home near the water, with 43 per cent choosing the coast as their ideal home location while 16 per cent said they’d prefer a riverside pad.
Although Brits most want to buy a home by the sea or on the banks of a river, other waterways such as lakes, lochs and reservoirs are also proving popular with homebuyers.
These less talked about bodies of water make a great alternative to heading to the coast. Indeed, with global warming melting the world’s ice caps and causing sea levels to rise, some people believe our low-lying coastlines are facing an uncertain future, furthermore, news of rivers bursting their banks whenever there are high levels of rainfall means riverside properties with higher than ever flood risks are becoming less attractive than they once were. Add to this the fact that the UK’s climate is set to become warmer and wetter in coming years, water-loving homebuyers may be interested in investing near less risky bodies of water, like our lakes, lochs and reservoirs. So, with this in mind, let’s take a look at the cost of buying a property near a lake, loch or reservoir and find out which are the most expensive and least expensive to buy nearby…
The Most Expensive – Lakes, Lochs and Reservoirs
So, if you were to guess out of lakes, lochs and reservoirs (LLR) which location would command the highest average house price in the UK, which would you guess?
According to new research, the answer is reservoirs. These artificial lakes command the highest house price in the UK with average property values in reservoir locations running at £254,396 compared to £230,450 around lakes and just £173,026 near lochs.
In fact, according to the research, reservoirs commanded seven out of ten of the most expensive average property prices in the UK when compared to the nation’s lakes and lochs (the Scottish/Gaelic word for lakes or sea inlets).
The research from estate agent comparison site, GetAgent.co.uk, looked at house prices around 38 locations across the UK and found that on average, a property close to one of these three water holes will set you back £224,791.
England was home to the highest average house price of properties near LLRs (£288,688) compared to Wales (£198,348), Scotland (£189,935) and Northern Ireland, which was home to the most affordable locations with average house prices running at £134,232.
The most expensive location to buy a waterside property throughout the United Kingdom was Chew Valley Lake reservoir in Somerset which commands an average house price of £406,938. Lake Vyrnwy reservoir in Powys was the most expensive location in Wales (£325,431), while Loch Ness was the most expensive Scottish entry (£231,738).
The Most Affordable – Lakes, Lochs and Reservoirs
The most affordable of the lakes, lochs and reservoirs out of the 38 ranked was Trawsfynydd reservoir in Gwynedd with an average local house price of just £112,993.
Derwent Reservoir, which straddles the border of County Durham, and Northumberland ranked as the most affordable waterside location in England with an average house price of £127,999.
Northern Ireland was home to three of the most affordable lochs on the list in Upper Lough Erne (132,163), Lower Lough Erne (£132,163) and Lough Neagh (£138,369).
The sixth overall and most affordable in Scotland is Loch Awe in Argyll and Bute, with an average property price of £150,587 in the surrounding area.
Talking about the data, Founder and CEO of GetAgent.co.uk, Colby Short, commented: “Depending on whether you opt for a lake, loch or reservoir the price of property can differ by as much as £80,000 and for those struggling to get on the ladder, heading for the lochs and loughs of Scotland or Northern Ireland provide some of the most affordable options within stone’s throw of taking a dip.”
House price data sourced from PropertyData and the Land Registry.