House prices in Scotland’s seaside towns rise by £348 per month in past decade
30 May 2016
The average house price in Scotland's seaside towns has grown by £348 per month since 2005, according to the latest Bank of Scotland Seaside Towns Review. Over the past decade, the average price has grown by 39%, from £108,449 to £150,210 – exceeding the 32% increase for all seaside towns in Britain.
Seven of the top ten coastal towns with the biggest price increases are located in Aberdeenshire, which for much of the period has been well served by the growth in the oil and gas sector.Fraserburgh has seen the greatest level of house price growth with a rise of 139% from £63,540 in 2005 to £151,719 in 2015, equivalent to a monthly increase of £735. Macduff also recorded a doubling on average property values (102%) from £66,226 to £133,567, followed by Peterhead (95%), Cove Bay (94%) and Newtonhill (91%). (Table 1)
Lerwick in the Shetlands saw the second biggest growth amongst Scottish seaside towns, rising by £81,812 to £159, 325 – an increase of 106%. Other towns outside Aberdeenshire with the largest price increases include Millport (84%) and Campbeltown (69%). A further 22 coastal towns – out of the 59 surveyed – have recorded price increases of at least 50% since 2005.
Over the last year, Lossiemouth saw the largest house price increase, going from £118,330 in 2014 to £139,297 (18%). Fraserburgh (14%), Troon and Thurso (both 13%) were the other top performers (Table 2).
East – West divide in Scottish seaside towns.
The top five most expensive properties are located on the eastern coastline. North Berwick has become the most expensive seaside town with an average price of £327,124. St Andrews is the second most expensive (£302,536), followed by Newtonhill (£245,507), Stonehaven (£236,057) and Inverbervie (£213,468). (Table 3)
Eight out of ten of the least expensive seaside towns are in West Scotland. Port Bannatyne is the most inexpensive in Scotland with an average price of £77,132. All of the top ten least expensive towns have an average price below £100,000. (Table 4)
Nicola Noble, mortgage director at Bank of Scotland said, "Living on the coast offers many attractions, including a typically high quality of life and attractive surroundings. As a result, property in seaside towns is often very popular with homebuyers. Whilst property in seaside towns can be more expensive than elsewhere, exceptional value for money can still be found for those searching to realise their dream of living near the sea."