Blog written by Gabby Lock, Manager of DOMVS Estate Agents in Weymouth
How Much Value will a Sea View Add to Property?
The cost of a sea view will depend on a number of factors, including the location, the size and type of property, the quality and extent of the sea view, and the condition of the local property market. However, as a general rule, properties with sea views will always command significantly more money compared with those not benefiting from a sea view.
While there is not a lot of research to provide an exact figure, we have typically found that a sea view can add as much as a 30% premium. Some say this can be much higher, with BBC news citing this as high as 66% in the south west (albeit almost a decade ago). Of course, it depends on the comparables. Instinctively, if you were to take two apartments in the same block, one with a sea view and one without, you might have a circa 10% uplift, but if you compared a sea view property with something similar a few miles inland, the differential would be much higher.
At the end of 2020, Rightmove reported that the cost of a sea view was increasing and that it exceeded pre-pandemic premiums. Changes to work-from-home policies prompted an outward trend from cities for many, in which homeowners were afforded more freedom with where they could live. Many of those leaving urban areas opted for the country or coastal living. Rightmove’s study revealed that homes with a sea view had asking prices £86,060 higher on average than those without – a premium of 31% across Great Britain, up from 27% in 2019.
This isn’t surprising given the lifestyle and mental health benefits that come with living on the water’s edge. The sound of waves and a sea breeze are so calming and have proven to reduce stress and anxiety. And with direct access to water sports, the increasingly popular phenomenon of cold water immersion, the option of boating all year round, and coastal walks all on the doorstep, it’s easy to see the appeal. There is also the investment benefit. Properties with sea views often have a higher resale value because having such a desirable feature will always ensure high demand.
For those with budgets that won’t stretch to a sea view, it’s not all lost. Much of the above can be achieved living in a coastal area, but without the heavy price tag of a sea view. It’s also worth noting that homes exposed to the elements will often have higher maintenance costs due to wind and salt, so although the views will be missing, the coastal lifestyle can still be enjoyed without the additional costs.
For now, I enjoy living in my home close to Weymouth beach, but if the opportunity to ever own a sea-facing property were presented, I couldn’t say I wouldn’t be tempted. One day, perhaps.