Seaside homes rise by more than £40,000 in value on average in past decade

The average house price in Scotland's seaside towns has grown by more than £40,000 in the last decade, according to a report.

Published 30th May 2016

The average house price in Scotland's seaside towns has grown by more than £40,000 in the last decade, according to a report.

Fraserburgh has seen the biggest growth with a rise of 139% from £63,540 in 2005 to £151,719 in 2015 - equivalent to a monthly increase of £735.

Seven of the top 10 coastal towns with the biggest price increases are located in Aberdeenshire, which for much of the period was boosted by the growth in the oil and gas sector, the annual Bank of Scotland Seaside Town Review said.

The most expensive areas are on the east coast, led by North Berwick, where the average price stands at £327,124, followed by St Andrews at £302,536.

The least expensive towns are Port Bannatyne on the Isle of Bute, where the average house price is £77,132, followed by Girvan at £91,912.

The average price across all coastal areas in Scotland has grown by 39% since 2005 from £108,449 to £150,210. The growth exceeds the 32% increase for all seaside towns in Britain, according to the report.

Bank of Scotland put the continued growth down to the "high quality of life" of seaside towns.

Outside of Aberdeenshire, Lerwick in Shetland saw the biggest growth, rising by £81,812 to £159,325, an increase of 106%.

In just the last year, Lossiemouth saw the largest house price increase, from £118,330 in 2014 to £139,297, an 18% increase.

Nicola Noble, mortgage director at Bank of Scotland, said: "Living on the coast offers many attractions, including a typically high quality of life and attractive surroundings.

"As a result, property in seaside towns is often very popular with homebuyers.

"Whilst property in seaside towns can be more expensive than elsewhere, exceptional value for money can still be found for those searching to realise their dream of living near the sea."