In a world where property prices seem to be soaring, the dream of investing in a coastal retreat or buy-to-let may feel out of reach for many. However, a recent study has shed light on some hidden coastal gems that offer affordable options for those longing to live by the sea. The comprehensive analysis has uncovered the cheapest seaside locations across the United Kingdom whether you’re seeking a peaceful getaway, a rental property or a permanent residence.
When it comes to affordable seaside locations for buyers, Saltcoats in Ayrshire emerged as the frontrunner with the average asking price for a property currently standing at a modest £113,395, which is less than a third of the national average of £372,812.
For those seeking rental properties by the coast, Skegness in Lincolnshire offers the most budget-friendly option. The average asking rent for a home in Skegness is presently £659 per month, which is considerably lower than the national average of £1,396 per month.
On the other end of the spectrum, Sandbanks in Dorset reigns as the most expensive seaside location, boasting an average asking price of £2,028,948. Other pricey coastal areas include Canford Cliffs, with an average price of £1,219,804 and Milford-on-Sea, where the average price reaches £764,859.
Sandbanks also tops the top average asking rents list with an average asking rent of £2,732 pcm, while Canford Cliffs came second (£2,568 pcm) and Shoreham-By-Bea came third (£1,871 pcm).
In terms of demand, the research found the south coast takes the lead, with Bournemouth being the most sought-after area for buyers. For renters, Southampton also emerged as the most popular choice.
Meanwhile, prospective buyers in pursuit of their ideal coastal abode are checking out Sandown in the Isle of Wight, which the researchers identified as the latest hotspot. The area has witnessed a remarkable 34 per cent increase in searches for homes for sale compared to the previous year. Meanwhile, Preston in Devon secured the second spot on the list of buyer search hotspots, with searches surging by 20 per cent year-on-year, closely followed by Gourock in Renfrewshire with a 13 per cent increase.
As for renters, the current top hotspot is Scarborough in North Yorkshire, where searches for available rental properties have surged by 39 per cent compared to the previous year. Saltburn-by-the-Sea in Cleveland takes second place with a 33 per cent increase, while Walton-on-the-Naze in Essex follows closely behind with a 30 per cent surge in searches.
Among the coastal properties garnering the most attention, a Grade II-listed country house in Devon scooped the top spot for views. The clifftop property offers breathtaking sea views and is famed for featuring in many famous novels including The English Patient. Read our recent blog The Nation’s Most Viewed Properties to find out more about this property gem…
Tim Bannister, a property expert from Rightmove, which provided the research, commented on the findings: “The significant increase in interest for coastal areas during the pandemic continues to influence many buyer and renter choices for where to live today, particularly with flexible working further away from traditional cities now more of an option for many people.”
Which affordable seaside location is your favourite for property investment?
