Many of us would like to live by the sea and new research by Bank of Scotland has revealed that it may not be as unaffordable as some might think.
The research found that average property prices by the sea have increased by 6% over the past five years, which is significantly lower than the rise in house prices seen across Scotland as a whole which have increased by 12% over five years. Undoubtedly some coastal locations are more desirable than others, thus attracting a higher price with North Berwick apparently being one of the most popular and most expensive Scottish seaside town.
Graham Blair mortgage director at Bank of Scotland explained “Scotland, with its beautiful coastline, represents fantastic value for anyone looking to purchase a seaside property”.
There appears to be an East/ West divide regarding property prices. 9 out of the top 10 most expensive properties are to be found on the eastern coastline. As said above North Berwick is the most expensive, followed by St Andrews, Newtonhill, Stonehaven and Dunbar.
In contrast 9 out of the 10 least expensive seaside towns are on the western coastline. Millport is the least expensive, closely followed by Girvan and Saltcoats. The research also shows that the happiest coastal homeowners live in Port Bannatyne, Dunoon and Stranraer which are three of the least expensive coastal towns in Scotland.
For expert legal advice on buying or selling property in Scotland, then please contact me Alison Gourley on 0141 552 3422 or by email on ajg@mitchells-roberton.co.uk