North east coast leads the way for scotland's seaside towns since 2004
27 May 2013
Five seaside towns in Scotland have recorded at least a doubling in house prices since 2004, according to research from Bank of Scotland.
All five towns are on the Aberdeenshire coast. Fraserburgh has experienced the biggest rise with a 139% increase from an average price of £53,641 in 2004 to £128,418 in 2012. Peterhead (116%) and Macduff (115%) have seen the next biggest gains, followed by Cove Bay (108%) and Inverbervie (100%).
A further 20 coastal towns – out of a total of 60 surveyed – have recorded price increases of at least 50% since 2004. Partly due to the substantial rises in the top performing towns, the average house price in Scotland's seaside towns rose by 45% between 2004 and 2012; exceeding the 36% increase for the whole of Scotland.
Most expensive properties along the eastern coastline
There is an east-west divide in house prices in Scottish seaside towns, with nine of the ten most expensive seaside towns being located on the eastern coastline. North Berwick is Scotland’s most expensive seaside town with an average house price of £327,518. St. Andrews is the second most expensive (£261,446), followed by Stonehaven (£211,413) and Inverbervie (£202,144).
Eight of the ten least expensive seaside towns are in western Scotland. Girvan is the most inexpensive in Scotland with an average price of £75,325. All ten least expensive towns have an average price below £100,000.
Girvan is also the most affordable1 seaside town in Scotland with house prices, on average, 2.3 times local average gross annual earnings. Girvan is followed by Wick (3.0) and Stranraer (3.1). The least affordable seaside towns are North Berwick (10.2) and St. Andrews (9.1).
Nitesh Patel, housing economist at Bank of Scotland, comments:
"Seaside towns are highly popular places to live in Scotland as they offer a unique lifestyle with a typically high quality of life and a healthy environment."
"A number of seaside towns have recorded substantial house price increases over the past decade, predominately on the east coast. Towns in Aberdeenshire have performed particularly strongly, largely reflecting the strength of the local economy over this period."