Since the start of the Covid-19 pandemic, there has been a strong demand for housing in coastal areas. This demand has often exceeded supply, which has contributed to higher asking prices throughout 2021 and currently in 2022.
According to online property portal Rightmove, across all of Britain’s seaside resorts, asking prices are up 13.9% on average from last year, beating the national average of 9.9%.
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Rightmove says many seaside locations in Britain are exceeding the national average by 9.9% during and after the pandemic. The company also says the average time to find a buyer in a beach location is 33 days and, on average, homes are finding buyers nearly three weeks (20 days) faster than in 2021.
Further research from Rightmove reveals the top ten beachfront property hotspots across the UK based on average annual growth in asking prices. Tim Bannister, Director of Property Science at Rightmove, says: “We know that demand, which we measure by inquiries from real estate agents to potential buyers on Rightmove, is often a leading indicator of price.
“From the start of the pandemic, when the market reopened, we saw a huge increase in demand for these coastal areas, as people wanted a sea view or more space near the coast.
“There have been long periods where demand has greatly exceeded supply over the past two years, which has contributed to the significant rise in asking prices we are seeing in 2022.”
Only one Welsh coastal town appears in the top ten in the UK and thus becomes the top seaside resort in Wales and according to Rightmove these are Abergele and Pensarn in County Conwy.
1. Canford Cliffs, Poole, Dorset: 24% increase to £1,223,180
2. Brixham, Devon: 23% to £337,129
3. Abergele, Conwy: 22% to £234,613
4. Skegness, Lincolnshire: 22% to £201,976
5. Ilfracombe, Devon: 22% to £266,353
6. Gorleston-on-Sea, Norfolk: 21% to £224,066
7. Burnham-on-Sea, Somerset: 20% to £298,938
8. Paignton, Devon: 20% off at £286,188
9. Dawlish, Devon: 19% to £296,286
10. Ryde, Isle of Wight: 18% to £292,003
This popular spot on the North Wales coast between Rhyl and Colwyn Bay has seen 22% annual growth according to Rightmove.
This raised the average asking price to £234,000 compared to the national average for Wales which, according to the Principality Building Society, currently stands at £233,361.
Rightmove says the majority of sales in Abergele over the last year have been for individual properties, selling for an average price of £225,922. Semi-detached properties sold for an average of £172,329, semi-detached properties for £157,550.
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A visitor to the UK website says that Abergele dates back to Roman times as an established trading center in the region and is still a market town that serves as the hub of a vast rural hinterland and an agricultural community.
The website comments: “The town is surrounded by beautiful countryside, it is a quiet market town, with many buildings constructed from local stone, less than half a mile from Pensarn beach where Captain Matthew Webb trained in the Irish Sea for the first successful Channel swim in 1875
“The beach has also sparked interest with alleged sightings of a ghost ship. There are some notable historic buildings in the area including Gwrych Castle, built in 1819, which is set in 236 acres of woodland.”
And has the two years of TV exposure at Gwrych Castle via ITV’s I’m A Celebrity Get Me Out of Here, presenters Ant and Dec and a bunch of celebrities descending on the town and surrounding areas a coincidence in the town experiencing an increase in the price of real estate? Find out more about I’m A Celeb at Castle and Wales here.
Tim Bannister says: “Encouragingly, with new stocks coming onto the market, we are starting to see signs of a better balance between supply and demand in seaside areas than a year ago.
“We expect this to trickle down to the market and potentially moderate the pace of price increases in the coming months.” And if you want to find out more about the best dream homes in Wales, renovation stories, house prices and interiors, join the Amazing Welsh Homes newsletter which is delivered to your inbox twice a week.