Hotspot premiums likely to be blamed for pricing out locals

New data from Rightmove has analysed millions of supply, demand and pricing data points across the property market, to assess activity in coastal locations in 2021 compared with 2020.

Bounemouth is this year’s most in-demand coastal location for people searching potential places to live, followed by Southampton and Brighton. 

Average asking prices across the top 10 in-demand coastal locations rose six per cent this year, just ahead of the national average rise of five per cent.

Padstow in Cornwall topped the list of this year’s coastal average asking price hotspots. Average asking prices in Padstow rose 20 per cent this year, from £548,382 to £658,588.

Whitby, in North Yorkshire, came second, with prices rising 17 per cent from £217,620, to £254,218, and St. Ives in Cornwall came third, where prices rose 15 per cent from £411,484 to £473,161.

Cornwall has recently become a focus of dissent amongst local residents that they are being increasing priced out by principal and second home purchasers from outside the area.

This year the speed of the market has meant the time to find a buyer has hit record low number of days. The average time find a buyer across the whole of 2021 is 44 days, 15 days quicker than the average in 2020.

Saltcoats, Ayrshire, is this year’s quickest coastal location to find a buyer, at 19 days on average. Troon, in Ayrshire came second at 22 days, and Westward Ho in Devon was third at 24 days.

Tim Bannister, Rightmove’s Director of Property Data comments: “In terms of average asking price growth, homeowners in Cornwall and Devon are the real winners this year, with properties in some areas outpacing the national average, though this does mean that it is increasingly difficult for some locals to get onto the ladder. 

“The speed of this year’s market really is astounding, seen in the time to find a buyer in some areas, particularly in Scotland. 

“Overall, this has been the year that either through changed lifestyle priorities, or the ability to work remotely, living in coastal areas has become possible for more buyers, which is reflected in the data we’re seeing in this study.”

Most in-demand coastal locations 2021


Rank
Location
Average asking price
Average asking price increase 2021 vs 2020
1Bournemouth, Dorset£317,4494%
2Southampton, Hampshire£249,0534%
3Brighton, East Sussex£461,7965%
4Blackpool, Lancashire£137,3018%
5Poole, Dorset£406,5665%
6Southport, Merseyside£215,8385%
7Eastbourne, East Sussex£306,5466%
8Worthing, West Sussex£354,3616%
9Hastings, East Sussex£295,09610%
10Weston-Super-Mare, Somerset£252,3395%

Coastal average asking price hotspots 2021




Rank
Location

Average asking price 2021


Average asking price 2020

Average asking price increase 2021 vs 2020
1Padstow, Cornwall£658,588£548,38220%
2Whitby, North Yorkshire£254,218£217,62017%
3St. Ives, Cornwall£473,161£411,48415%
4Porthcawl, South Glamorgan, Bridgend (County of)£307,051£270,50514%
5Mablethorpe, Lincolnshire£173,612£153,14013%
6Newquay, Cornwall£317,846£281,20413%
7Filey, North Yorkshire£214,617£189,91413%
8Pwllheli, Gwynedd£222,607£197,21313%
9Brixham, Devon£299,127£266,60412%
10Preston, Paignton, Devon£303,684£272,02912%

Quickest coastal markets 2021





Rank
Location


Average asking price 2021


Average time to find a buyer 2021 (days)

Change in time to find a buyer 2021 vs 2020 (days)
1Saltcoats, Ayrshire£111,41919-35
2Troon, Ayrshire£178,66622-8
3Westward Ho, Bideford, Devon£297,13824-46
4Ayr, Ayrshire£161,30125-15
5Kessingland, Lowestoft, Suffolk£219,53825-22
6Littlehampton, West Sussex£364,18026-28
7Goring-By-Sea, Worthing, West Sussex£396,07826-23
8Marske-By-The-Sea, Redcar, Cleveland£181,88228-15
9Canvey Island, Essex£308,26128-23
10Weymouth, Dorset£283,58529-25

Jump in coastal searches 2021



Rank
Location
Average asking price

Increase in searches 2021 vs 2020
1Morecambe, Lancashire£164,42432%
2Blackpool, Lancashire£137,30121%
3Great Yarmouth, Norfolk£194,06615%
4Swansea, Wales£180,60315%
5Saltburn-By-The-Sea, Cleveland£227,61115%
6Southampton, Hampshire£249,05314%
7Llandudno, Conwy (County of)£235,31613%
8Saundersfoot, Pembrokeshire, South West Wales£319,58712%
9Southport, Merseyside£215,83812%
10Scarborough, North Yorkshire£191,87912%

Written by: Houseladder