Friday, 4 Dec 2020

Mumbles in Wales named Britain’s top seaside hotspot for house price growth

Mumbles in Wales is Britain’s top coastal home price hotspot, according to Rightmove.

The village lies on the coast of Swansea Bay – with the average price tag on a home surging by 47% since 2015.

In cash terms – that marks an increase per property of around £110,537.

This positions Mumbles at the top of all coastal homes in the UK.

Actor Catherine Zeta-Jones grew up in the area – and estate agents report that its beaches, seafront restaurant and a retail development have added to its popularity.

A rise in people working from home as a result of the COVID-19 pandemic paired with Swansea providing commuter train links has added to the rise in buyers from London and Bristol this year.

The typical seller asking price in Mumbles is about £344,832 – less than a third of the average cost for Britain’s priciest beach location – Sandbacks in Poole – according to Rightmove.

Ben Davies, managing director at Belvoir estate agents in Mumbles, said: “As a former Victorian fishing village, Mumbles has definitely got its own identity. It’s a destination in its own right and we’ve always seen huge demand to live here.

“Our coastlines are spectacular as well, that’s a major draw for people, and Mumbles is the gateway to Gower.

He added: “What also goes in Mumbles’ favour is that you can get a lot more bang for your buck here, despite the rising prices, than in places like Cornwall and Devon.

“It’s popular for people who work in London part of the week, as there’s a direct train link from Swansea to Paddington.”

Sandbacks – a favourite seaside holiday home spot among celebrities – has homes costing around an average of £1.2m.

Seller asking prices in Mumbles are almost £130,000 more than the average cost on a typical home in Wales – and about £22,000 higher than across the UK.

Next up on the hotspot list were Camber in East Sussex and Fowey in Cornwall.

Both locations have seen average asking prices increase by 45% since 2015.

Seaford in East Sussex is reported by Rightmove to be the beach town with the largest spike in interest by 104% – doubling the past year.

Other popular search options include Teignmouth in Devon which has seen a 99% increase, and Shoreham-by-Sea which has experienced a 96% rise.

Rightmove’s director of property data Tim Bannister said: “Relocating to a coastal area is a dream move for many home hunters and it’s safe to say that lockdown has intensified that desire to live beside the sea for many people.

“Properties in seaside towns usually come at a premium, but what’s fascinating about this list of coastal price hotspots is that there’s a relatively wide range of price points.

He added: “Mumbles has always been a popular destination among British holidaymakers and therefore it stands to reason that home hunters would seek it out for their year-round fix of sand and sea.”

Rightmove have compiled the top 10 coastal locations with the largest five-year increase in average asking prices.

Figures indicate the average asking price in October 2020 and the five-year percentage change in comparison to October 2015:

1. Mumbles, Swansea, £344,832, 47%

2. Camber, East Sussex, £305,891, 45%

3. Fowey, Cornwall, £487,531, 45%

4. Sandilands, Lincolnshire, £268,527, 43%

5. St Margaret’s-at-Cliffe, Kent, £362,982, 42%

6. Aberavon, Port Talbot, £136,710, 42%

7. St Agnes, Cornwall, £442,383, 40%

8. Greatstone, Kent, £338,839, 40%

9. Mundesley, Norfolk, £286,254, 40%

10. Benllech, Anglesey, £289,390, 40%

Source: Read Full Article

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