Living by the seaside could save you £24,000

Thrifty homebuyers north of the border could save around £24,000 by purchasing a home in a seaside town rather than in the rest of Scotland.

Bank of Scotland says that, in the last five years, average property prices by the sea have increased by only £7,980 to £148,437.

This 6% rise is significantly lower than the jump in house prices seen across Scotland as a whole, with a home in any town north of the border costing a typical £172,833 - up 12% over the five years. 

It is also a stark difference when compared to prices in seaside towns across the UK, where property prices have soared £42,153 or 22% over this time.

Top spot

However, there remain a number of sought-after coastal locations north of the border, with North Berwick retaining the top spot as Scotland’s most expensive seaside town.

Nine of the top 10 most-expensive properties are located on the east coast.

North Berwick is tops with an average price of £342,346, followed by St Andrews on £312,063, Newtonhill £233,855, Stonehaven £226,687 and Dunbar £211,392.

In contrast, nine out of the 10 least-expensive seaside towns are on the west coast.

Millport is the least expensive in Scotland and the UK with a typical price of £81,233, followed by Girvan on £91,459, Wick £92,891, Saltcoats £93,487 and Irvine £98,203.

Bucking the overall trend, house prices in Argyll and Bute have increased substantially over the last year. 

The £29,544 rise in average prices in Port Bannatyne represents a 41% jump to £101,094 - the biggest in Scotland.

Campbeltown is second on the biggest-increase list, up 31% to £105,389, followed by Rothesay +26% to £113,983, Kinghorn +21% to £152,305 and Cockenzie +20% to £166,800.

Fantastic value for money

Graham Blair, mortgage director at Bank of Scotland, said: "Scotland, with its beautiful coastline, represents fantastic value for money for anyone looking to purchase a seaside property. 

"These locations offer a unique lifestyle with a typically high quality of life and a healthy environment.

“Homebuyers working in Scotland’s major towns and cities no doubt weigh up commute time and the discount they can receive by moving to the seaside.”

When asked on a scale of one to 10 how happy they were, the average rating of the 10 most-expensive and 10 least-expensive seaside towns is 7.5 - the same figure for Scotland as a whole. 

The happiest coastal homeowners live in Port Bannatyne, Dunoon, Stranraer and Wick with a rating of nearly eight.