Property prices soar in seaside resorts of Scotland
HOUSE prices in five Scottish seaside towns have at least doubled since 2004.
By: Rod Mills
Scotland, property, coastal, seaside, house prices, StonehavenScottish coastal villages, like Portree on the Isle of Skye, are seeing a surge in house prices [ALAMY]
Buyers have been snapping up homes in coastal communities in Aberdeenshire, with prices up 42 per cent or almost £500 per month.
Fraserburgh shows the biggest rise, from an average price of £53,641 in 2004 to £129,325 in 2014 – a jump of 141 per cent.
According to the survey by Halifax, Stonehaven has taken the title of the country’s most expensive coastal town, with a 101 per cent rise from £113,214 to £228,037.
It is little wonder that seaside houses have increased so substantially
Craig McKinlay, of Halifax
Craig McKinlay, mortgage director at Halifax, said: “With Aberdeenshire at the heart of Scotland’s energy industry, it is little wonder that seaside houses have increased so substantially.
“In fact, Aldeburgh in East Anglia, Wadebridge in the south-west of England and Workington in the north, are the only non-Scottish entrants in the top 10 experiencing seaside house price growth. Living near the seaside remains an achievable dream for many. Even in the places experiencing the biggest house prices rises in the past 10 years, four are still substantially below the UK average.
“Places such as Workington, and Montrose, Peterhead and Fraserburgh have experienced exceptional growth, but on average houses cost below £150,000.”
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The other Aberdeeenshire towns and villages to have seen huge rises are Cove Bay, which rose to £180,499, while average values in Peterhead increased from £59,749 to £130,234, with Inverbervie having a 114 per cent boost to £215,593.
Scotland leads the way in terms of the biggest house price rises over the last decade.
But the most expensive coastal towns in the UK are Salcombe and Sandbanks in the south-west of England at £615,344 and £574,089.
The average property price in seaside towns across the UK is now £196,826.
But coastal living is still significantly cheaper than in other areas of the UK, the Halifax report found.
Scotland has eight of the top 10 cheapest seaside towns, according to the report. Newbiggin-by-the-Sea in Northumberland had the cheapest average house price at £83,760.
But it was followed by Port Bannatyne on the Isle of Bute and Girvan in Ayrshire, both at around £85,000.
Ardrossan, Wick, Irvine, Stranraer, Campbeltown and Saltcoats also feature in the least expensive list.