Living by the seaside is a well-known British dream and in Scotland it costs less to do so than in the rest of the country, new research has found.
Indeed, on average buying a home in one of Scotland’s seaside towns now costs £24,396 less than the rest of the nation and prices in seaside towns have risen at less than half the rate of the rest of Scotland over the last five years.
The research from the Bank of Scotland also shows that there is an East coast, West coast house price divide with nine out of 10 of the most expensive seaside towns situated on the East coast.
Overall average property prices by the sea have increased by only £7,980 or 6%, significantly lower than the rise in house prices seen across Scotland as a whole, with a home in any Scottish town costing £172,833 on average, a rise of 12% over five years.
It is also a stark difference when compared to house prices in seaside towns across the UK, where property prices have jumped £42,153 or 22% over the same time period.
However, there remain a number of sought after coastal locations, with North Berwick retaining the top spot as Scotland’s most expensive seaside town for the second year in a row with an average house price of £342,346.
St Andrews is the second most expensive seaside town with an average price of £312,063, followed by Newtonhill at £233,855, Stonehaven at £226,687 and Dunbar at £211,392.
In contrast, nine out of the 10 least expensive seaside towns are on the western coastline. Millport is the least expensive in Scotland and the UK with an average price of £81,233 and is closely followed by Girvan at £91,459 and Saltcoats at £92,891. Six of the top ten least expensive towns have an average price below £100,000, a change from last year where all 10 were below £100,000.
Seaside towns in Argyll and Bute have seen the biggest rise in a year. Prices in Port Ballantyne rose by £29,544, followed by an increase of £24,652 in Campbeltown and a rise of £23,700 in Rothesay.
‘Scotland, with its beautiful coastline, represents fantastic value for money for anyone looking to purchase a seaside property. These locations offer a unique lifestyle with a typically high quality of life and a healthy environment,’ said Graham Blair, mortgage director at Bank of Scotland.
‘Home buyers working in Scotland’s major towns and cities no doubt weigh up commute time and the discount they can receive by moving to the seaside,’ he added.
