Demand for seaside homes from city dwellers has doubled since pandemic began

UK coast omes are selling faster than ever and demand for seaside has more than doubled from before the pandemic, largely driven by city dwellers, new research has revealed.

Inquiries about homes in coastal areas of city dwellers have increased 115% since before the pandemic, driven by the fact that many workers no longer expect to commute every day and look for changes in lifestyle and larger homes as a result. By comparison, requests for information on moves within cities increased by 36%.

As a result, the average time to sell a home on the coast has dropped from 71 days in 2019 to 51 days in 2021.

Tim Bannister of Rightmove said: “What’s really interesting about this research is that it suggests that the initial wave of people inquiring about locations outside of cities before the pandemic has turned into a change in behavior in the longer term.

“All of this means that in some of the coastal areas that have seen a significant increase in the number of buyers from other areas, competition is intensifying as people search for their next home.”

The area that saw the biggest increase in interest from potential buyers was Dartmouth in Devon, which grew 117%, pushing the local market to a 20-year high.

Dartmouth real estate agent The Coastal House said, “We see people bidding on properties without even visiting them in person. The increase in demand was further amplified by the extension of the stamp duty holiday until the end of September and the rapid progress in vaccine deployment.

“Last year’s foreclosure had a significant impact on the number of homes sold in the South Hams. Only 1,322 homes sold in 2020: a decrease of 50% compared to the number of homes sold in 2019 (2,633).

One of the drivers of this demand comes from cities, where families are looking for a different way of life. “Buyers are constantly calling us to check for new listings of high value homes.

“With real estate demand so far outstripping supply and a glaring shortage of unique, high-quality homes available for purchase, we expect real estate prices to continue to stay elevated for at least the next few years. months, ”The Coastal House said.

Next on the list of coastal hotspots was Salcombe, also in Devon, where buyer demand soared 112%.

Theo Spink, Director of Realtors Luscombe Maye, said: “It is now the most expensive coastal town in the country – even more so than Sandbanks.

“The demand for Salcombe herself came from across the country – yes, from London and the South East, but also from the Midlands and central / south England like Wiltshire and Hampshire.

“Demand has always exceeded supply in the city but after Covid it was exacerbated.

“Many properties, especially this year, have sold exceptionally quickly – sometimes with multiple visits in a very short period of time, resulting in multiple offers being received.

“This means that some properties far exceed their price guide. ”

The average cost of a coastal house has increased by seven percent, from £ 255,000 in 2019 to £ 272,165 this year.

Some coastal areas saw average asking price growth of over 20% compared to 2019: Helensburgh in Dunbartonshire (27%), Padstow in Cornwall (24%) and Gourock in Renfrewshire (21%).

Mr Bannister said: “While this is by no means the end of city life or a mass exodus, it suggests that many buyers are seeing cities and coastal areas as options to consider. . “