House hunters hoping to buy a Scottish coastal property will be disappointed to learn that prices have jumped significantly, according to new research.
New figures from the Bank of Scotland have revealed the most expensive seaside town to buy a home in the country is North Berwick, swiftly followed by St Andrews and Dunbar respectively.
Scottish buyers can expect to pay 11 per cent more on average for a seaside house after costs rose in 2022. This increase is a big leap from the British four per cent median.
But one coastal town still offers affordable price tags. For those who want sea views without six figure costs, Greenock in Inverclyde was found to have the lowest real estate costs.
Findings show average home prices in North Berwick, East Lothian were £440,172 last year. In second place, properties in the popular Fife town of St Andrews averaged at £421,528.
Both towns were previously ranked as the first and second most expensive in 2021.
A little further along the East Lothian coast, Dunbar was the third most expensive coastal area to buy a home in Scotland, with average prices of £284,121. Found to be the cheapest sea side town, Greenock commands the lowest average price of around £97,608.
On average, a Scottish seaside property will set buyers back around £182,488. Prices of coastal homes rose by almost a third between 2012 and 2022, with Cockenzie in East Lothian seeing the greatest gain of 80 per cent, from £133,229 to £239,345.
Graham Blair, mortgages director at Bank of Scotland, told PA: “It’s undeniable that much of Scotland’s coastline is truly breathtaking, and it’s easy to see why the pretty seaside town of North Berwick is still Scotland’s most expensive seaside location for house hunters, with properties costing over £440,000 on average.
“St Andrews – well known for its world-famous university and golf courses – isn’t far behind, with properties in the area fetching a similar price tag. However, many of Scotland’s coastal towns have average house prices that are much lower. Homes in Greenock for example cost less than £100,000 on average."
Mr Blair added: “While many things can influence the price of a home, socio-economic factors are perhaps playing a greater role in some coastal locations. While there are doubtless many property hot spots, a sea view isn’t necessarily supporting house prices in Scottish towns most in need of investment.”
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