Latest news with #NAEA Propertymark
Yahoo
6 days ago
- Business
- Yahoo
Sea-view homes in Britain cost over £88,000 more on average
Homes with a sea view in Britain can cost nearly £88,107 more on average than those without, according to research by Rightmove (RMV.L). The property platform said that the average asking price for a home with a sea view in Britain stands at £363,181. That's compared to £275,074 for properties in coastal areas without this coveted feature, representing a 32% price premium. Rightmove's analysis looked at more than 200 coastal areas, comparing the average asking prices of homes available with a sea view to those without one. Read more: What are branded residences and who's buying them? At a regional level, homes in the East Midlands with a sea view commanded the biggest premium, of 68%, carrying an average asking price of £428,330. The South West came in second place, with a typical premium of 44% for this type of property, commanding an average asking price of £405,676. Within this region, Torbay in Devon was found to be the area with the highest number of available homes listed with a sea view. Scotland had the third biggest regional premium of 43% for these homes, with an average asking price of £218,867. Colleen Babcock, property expert at Rightmove, said: "Sea views have always been a highly sought-after feature for homebuyers, and our latest research highlights just how much more people are willing to pay for one." Mary-Lou Press, president at NAEA Propertymark, said that the Rightmove data was "encouraging news for those who own seaside properties, as their homes carry significant value. The surge in people working remotely since the pandemic has no doubt resulted in an increase in demand for properties with seaside views." "However, the price premium added to seaside homes is determined by many variables like location, the quality of the view, and the overall appeal of the area," she said. "Although a sea view can be a sought-after and valuable feature, it's important to be aware of the elements that affect its value. Conducting thorough research on the specific market is crucial before making any purchasing decisions." A typical home in the UK cost £296,665 in June, according the latest Halifax House Price index released last week. This figure was little changed compared to the previous month but was 2.5% higher than a year earlier. Read more: One million UK homes jump by 50% in value since 2020 — up by £117,400 on average Meanwhile, separate data released by Zoopla on Wednesday showed that estimated house values in the UK have continued to climb longer-term. Analysis by the property website found that one million homes in the UK have seen their value increase by 50% or more since the pandemic five years ago, with an average gain of £117,400. The property website's research, released on Thursday, found that eight in 10 UK homes grew by more than 5%, an average increase by £60,800. Zoopla said that UK house values had increased by an average 20% since 2020, with some areas experiencing more significant growth than others, despite a drop in buyer demand in 2023 due to higher borrowing costs in 2022. Read more: Mortgage rate war heats up with Barclays dropping to 3.75% Average London rent surges to £2,252 a month Jobs data increases odds on Bank of England interest rate cut
Yahoo
7 days ago
- Business
- Yahoo
Sea-view homes in Britain cost over £88,000 more on average
Homes with a sea view in Britain can cost nearly £88,107 more on average than those without, according to research by Rightmove (RMV.L). The property platform said that the average asking price for a home with a sea view in Great Britain stands at £363,181. That's compared to £275,074 for properties in coastal areas without this coveted feature, representing a 32% price premium. Rightmove's analysis looked at more than 200 coastal areas, comparing the average asking prices of homes available with a sea view to those without one. Read more: What are branded residences and who's buying them? At a regional level, homes in the East Midlands with a sea view commanded the biggest premium, of 68%, carrying an average asking price of £428,330. The South West came in second place, with a typical premium of 44% for this type of property, commanding an average asking price of £405,676. Within this region, Torbay in Devon was found to be the area with the highest number of available homes listed with a sea view. Scotland had the third biggest regional premium of 43% for these homes, with an average asking price of £218,867. Colleen Babcock, property expert at Rightmove, said: "Sea views have always been a highly sought-after feature for homebuyers, and our latest research highlights just how much more people are willing to pay for one." Mary-Lou Press, president at NAEA Propertymark, said that the Rightmove data was "encouraging news for those who own seaside properties, as their homes carry significant value. The surge in people working remotely since the pandemic has no doubt resulted in an increase in demand for properties with seaside views." "However, the price premium added to seaside homes is determined by many variables like location, the quality of the view, and the overall appeal of the area," she said. "Although a sea view can be a sought-after and valuable feature, it's important to be aware of the elements that affect its value. Conducting thorough research on the specific market is crucial before making any purchasing decisions." A typical home in the UK cost £296,665 in June, according the latest Halifax House Price index released last week. This figure was little changed compared to the previous month but was 2.5% higher than a year earlier. Read more: One million UK homes jump by 50% in value since 2020 — up by £117,400 on average Meanwhile, separate data released by Zoopla on Wednesday showed that estimated house values in the UK have continued to climb longer-term. Analysis by the property website found that one million homes in the UK have seen their value increase by 50% or more since the pandemic five years ago, with an average gain of £117,400. The property website's research, released on Thursday, found that eight in 10 UK homes grew by more than 5%, an average increase by £60,800. Zoopla said that UK house values had increased by an average 20% since 2020, with some areas experiencing more significant growth than others, despite a drop in buyer demand in 2023 due to higher borrowing costs in 2022. Read more: Mortgage rate war heats up with Barclays dropping to 3.75% Average London rent surges to £2,252 a month Jobs data increases odds on Bank of England interest rate cutSign in to access your portfolio
