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Investing in a seaside home – what should you consider?

With the rise in people relocating permanently to the British coast as holidaying takes a backseat, Chris Baguley, commercial managing director at Together, shares a few tips for anyone considering investing in a seaside property in the future.

While the UK staycation boom has seen hordes of people flock to the British coastline and natural beauty spots to make the most of holiday breaks this year, there has also been a rise in people moving permanently. Indeed, with increasing numbers of people re-evaluating their work and lifestyle priorities post-pandemic, the average price of seaside property in Britain has shot up by 10% in the last year.

For anyone considering investing in a seaside property in the future, now is the perfect time to grab yourself a beach chair and have a read on what to consider before buying a coastal property of your own.


Remote Working

A more permanent change brought about by the pandemic is likely to be a shift to more flexible working – allowing for more people to move away from big cities and into seaside properties with stunning views all year round. Extended periods working from home will have many workers asking if the commute is worth it. According to Accenture’s research, 71% of employees claimed they benefited from more free time otherwise lost to their daily commute and 57% said they were more productive when working from home. Flexible working means you can fire up your laptop from anywhere, whether that’s on the commute to the office or sunning yourself in the garden of a coastal cottage.

Green Energy

There is much talk of ‘building back better’ from the pandemic, and particularly of the promised ‘green revolution’. One opportunity for seaside towns comes from power generation. Offshore wind power, which is both sustainable and low carbon could help power seaside towns and your home, steering a path for a renewable source of energy. An estimated one million homes and businesses worldwide now use solar power. Installing solar panels is a simple way to reduce your energy bills while making the most of renewable energy.

Option to Rent

A massive benefit in owning property by the sea is the potential for rental income from visiting holidaymakers. Renting your property out during the peak and/or off-season will give you the opportunity to earn some extra income on a relatively frequent basis. You could also use this to help cover mortgage bills or save towards your retirement. While you will be responsible for any property damages and need to consult your lender first about letting periods and potential impact on your mortgage, it can be very a lucrative option.  

Cost of the Elements

It’s important to keep in mind, that seaside homes often come with higher maintenance and repair costs owing to the coastal weather. Properties by the sea are more susceptible to damage caused by floods, salt air corrosion, storms and rotting wood. Therefore, be sure to consider the yearly costs of upkeep in addition to the high costs of the initial purchase as more people flock to the coast in demand for seaside homes.

Missing Creature Comforts

Many seaside towns have been on the decline and face numerous issues due to the lack of investment in coastal communities. A few to be mindful of are a lack of transport infrastructure, often being at ‘the end of the line’, a lack of employment opportunities, often offering largely seasonal and low-skilled work in retail and a lack in care or hospitality. It is imperative you consider your surroundings and proximity to venues important to you.

Not Your Ordinary Home

Coastal properties don’t always mean a “typical” house with a picket fence. For example, you might be swayed by the romance of a traditional Fisherman’s hut or Eco-friendly Yurt. While these properties might not appear as expensive as city dwellings, there can be hidden maintenance and other costs you’ll need to weigh up first. Getting a traditional loan may also prove difficult if your high street lender is less inclined to provide the financing, so there may be some shopping around first before you find the funds to put down roots permanently.

*Chris Baguley is the Commercial Managing Director at lender Together


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