Property values are influenced by an array of factors including location, amenities and market conditions, to name a few. However, hidden among these variables lies a little-known external element that can have a profound effect on a property’s value, and can potentially knock over £100,000 off a property’s worth.
According to new research, residing near a nudist beach has been found to reduce property prices in the area by an average of c.£16,000 compared to the wider region.
The study looked at property prices for the outcode areas of 39 prominent nudist beaches in Britain and compared the property prices in those areas with the average prices of the wider local authority (LA) districts.
The findings unveiled that properties situated near nudist beaches are approximately £15,974 or 5 per cent cheaper compared to the surrounding area with an average price of £308,476 in contrast to the wider LA district average of £324,450.
In fact, out of the 39 nudist beach postcodes examined, 25 were found to have below-average house prices when compared to the wider local authority.
The location most affected by this factor on a percentage basis is the YO11 outcode area, which is near Cayton Bay’s nudist beach, where the average property price is £152,187, which is £131,500 below the broader North Yorkshire average of £283,687, representing a significant decrease of 46 per cent in property value compared to the wider local authority.
Similarly, in the LA14 outcode area, which is home to the nudist beach at West Shore Walney Island, property prices are on average 46 per cent (£102,245) lower than the wider LA district of Westmorland and Furness. Additionally, the house prices in Lower Largo (KY8) and Eastney (PO4) are 36 per cent (£61,027 and a huge £139,551 respectively) below their local authority averages.
Another notable example is Corton Sands in the NR32, where homes are priced at £201,250, reflecting a 34 per cent decrease compared to the wider Suffolk average of £307,026.
Despite these results, some nudist beaches buck this trend, with property prices commanding significant premiums. For instance, Moor Sands in the TQ8 outcode area of South Hams boasts an average price of £739,455, which is 89 per cent higher than the broader area average of £392,055. Similarly, Wells and Holkham nudist beaches in the NR23 postcode enjoy price premiums of 56 per cent (£164,737), while Porthzennor Cove and Porth Kidney in Cornwall both command premiums of 19 per cent (£60,935).
James Forrester, Managing Director of Barrows and Forrester estate agents which conducted the research, commented: “If you go down to the beach today, you’re in for a big surprise! I’m talking, of course, about the fact that local house prices could well be much cheaper than you expect, but only if there is a nudist colony nearby.
Is this price deficit explained by our British aversion to public nudity? Or is it the case that our nudist friends have been forced to find beaches away from the cut and thrust of major tourist and family hotspots?
Either way, this could be a neat little trick for homebuyers who are desperate to live in a coastal location but want to avoid the price premiums typical of such places, just so long as you don’t mind seeing more than you bargained for while walking the dog each morning.”
As Forrester states, this information could indeed provide property investors seeking coastal properties an entry point into the local without the typical price premiums a coastal property in that area would afford.