UK WATERFRONT INSIGHT
Keir Waddell Partner, Head of London Riverside
Last April and May it became apparent that coastal property supply was going to shrink whilst demand was set to soar. Sellers began having second thoughts about selling and buyers quickly discounted foreign travel by air or ferry and looked much closer to home for not only holidays but a longer-term change in lifestyle, partly thanks to the long-term possibility of working from home. Within the South West, home to Devon and Cornwall our most active coastal market, new prospective buyers were up 70% in the twelve months to May versus the five-year average (excluding 2020). New prospective buyers based in London increased five-fold in the same period. The average house price in the South West has increased by 9.1% in the twelve months to April 2021, and we have seen some coastal hotspots within the South West increase by up to 20%. Meanwhile, the London riverside market has of course been affected by the events of the past year, however the diversity of the available properties on offer has ensured a high volume of transactions are taking place and record-breaking prices are being achieved. From brand new developments which benefit from impeccable levels of finish to charming period houses on the banks of the Thames, our clients have benefited from access to some of the finest examples of these properties in recent memory.”
Regional Waterfront premiums: Q2 2021 - average premium uplift
WITHIN THE SOUTH WEST, HOME TO DEVON AND CORNWALL OUR MOST ACTIVE COASTAL MARKET, NEW PROSPECTIVE BUYERS WERE UP 70% IN THE TWELVE MONTHS TO MAY VERSUS THE FIVE-YEAR AVERAGE (EXCLUDING 2020).
Some coastal hotspots have seen prices increase by up to 20%.
The proportion of waterfront properties sold as second homes in the UK was 14% in the year to March 2021. This was the highest proportion in a decade.
Web searches for UK waterfront property increased by 47% in the year to April 2021 versus the same period in 2020.
Waterfront Index: Q2 2021 - average premium uplift