Prime properties in coastal locations could be worth up to 71% higher than similar properties situated inland, according to research by Knight Frank.
Data from the property firm’s 2016 Waterfront View publication shows that buyers pay a clear premium for properties in close proximity to the coast.
The report also shows that several coastal property markets have outperformed the wider market in the last 20 years.
Using data from the Land Registry, Knight Frank has pinpointed Croyde in North Devon as the best performing coastal market since 1995. The area has recorded an average annual ‘outperfromance’ of over 4% when compared to the wider market across Cornwall, Devon and Dorset.
Over the past two decades, Croyde has seen average prices more than quadruple, by 432%, compared to 310% combined across the three local authorities.
Other coastal markets that have consistently outperformed their wider local areas include Rock, Salcombe, Falmouth and Padstow.
Knight Frank says that coastal markets predominantly appeal to upsizers and downsizers looking for a lifestyle change or holiday home.
Investors enjoying capital appreciation as housing market rises