Coastal homes sell 20 days quicker than before the pandemic says Rightmove

Homes by the sea are being snapped up during the pandemic, 20 days quicker on average than in 2019, it has been revealed.

The findings by Rightmove suggested that coastal homes currently take 51 days to sell, compared to typically 71 days in 2019.

Strong demand for coastal homes is also translating into high prices with average values in some seaside locations increasing more than 20 per cent since before the pandemic. 

They include Helensburgh in Dunbartonshire, Padstow in Cornwall, and Gourock in Renfrewshire. 

The study looked at more than 120 coastal areas across Britain to find out how buyers’ behaviour had shifted during the pandemic.

Homes by the sea have previously taken longer to find a buyer than faster-paced markets in cities, according to the property website.

Property in cities have also sped up, but the average sale time is 13 days. It puts coastal locations and cities level, with now both taking 51 days to find a buyer on average.

The property website compared January to May this year against the same period in 2019. 

And it defined being sold as the average number of days from a property being listed on its website until it is marked as under offer or sold subject to contract.

The number of buyers living in cities sending enquiries to estate agents has also risen.

It is up 115 per cent compared to pre-pandemic as more buyers look to potentially swap cities for a life by the coast.

It is in contrast to a much lower increase of 36 per cent in enquiries from people living in city who want to move but stay in that city. 

Rightmove suggested that this shows a more sustained shift in buyer preference than initially thought during the pandemic.

It said this had been driven my several factors, such as the ability to work from home and a re-examining of priorities.

Average values of properties by the coast are also performing more strongly than in cities, according to Rightmove.

The average cost of a coastal home increased 7 per cent in 2021 compared to 2019, from £255,075 to £272,165.

It compares to the average value of a city home, which rose by 5 per cent from £372,878 to £393,013.

Some coastal areas have seen average asking prices increase by more than 20 per cent compared to 2019.

The areas with the biggest increases include Helensburgh in Dunbartonshire, up 27 per cent, Padstow in Cornwall, up 24 per cent, and Gourock in Renfrewshire, up 21 per cent.