Double benefits of living beside the seaside
18 May 2012
Recent research by the Bank of Scotland has shown that east-coast seaside towns have experienced significant growth in prices since 2004. Figures suggest that prices have doubled in the last eight years. Top of the list is Macduff, with a rise of 123%, and an average price of £130,025. Fraserburgh also had a rise of 123%; average prices in 2004 were just £53,641, in 2011 that had risen to £119,425. Cove Bay came third with a 105% rise and an average price of £169,248 in 2011. Whilst the report does not give opinion on the reason for the rise of these North-East seaside towns, the fact that Aberdeen has fared well during the economic downturn and the strong oil and gas industry being largely unaffected by the recession could mean the benefit has been felt in surrounding areas. Montrose and Stonehaven also feature amongst the list of increases.
The most expensive town is North Berwick, probably due to the proximity to Edinburgh; there, the average price is just under £310,000. St Andrews in Fife with its prestigious University comes second with an average price of £277,344. Crail comes third with an average of £209,688. However, there appears to be a pronounced east-west divide with some of the most affordable towns being on the west coast, particularly Ayrshire. Over on the west, the least expensive is Greenock with an average of just over £85,000. However, the cheapest seaside town in Scotland is Buckhaven in Fife, with an average at £68,350 - £208,994 cheaper than its St Andrews neighbour further up the coast, which is also the least affordable based on average earnings in the area. Buckhaven is also most affordable in that respect. The report suggests that overall, seaside towns are becoming less affordable than they were in 2004.
There are of course financial benefits to those who bought several years ago and have seen the value of their homes rise. But there are also health benefits that come with living by the sea, with plenty of fresh air and sea views. However, due to these increased values it may be a lifestyle that fewer people are able to enjoy.