One of the many consequences of the pandemic was a boom at the British seaside, travel restrictions made international travel all but impossible, which forced many to rediscover attractions closer to home. Filey has been, by common consent, as busy as it ever has been within living memory. The renewed popularity of the town has brought with it a property boom, with Filey being one of the top ten hotspots at the British seaside.
A survey by Rightmove found that asking prices in the town had risen by 13% during 2020, making Filey the seventh largest increase on the British coast.
The number of buyers living in cities enquiring about coastal homes has increased by 115%. This huge rise in demand means properties are being snapped up quickly. In 2019, it was taking an average seventy-one days to find a buyer for a home in a seaside location. Now, sales are happening within fifty-one days.
More buyers now consider the coast as realistic option to move to, says Rightmove property expert Tim Bannister. “This is driven by multiple factors that we’ve seen this year – such as demand for space, and the ability to work from home.
“However, all of this does mean that in some of the coastal locations that have seen more buyers from other locations, there is added competition as people search for their next home. After a year where coastal locations really captured the imagination of British buyers, it’s interesting to reflect on how the overall picture looks.”
Here are the top ten with the average asking price in 2021 and the percentage increase compared with 2020:
1. Padstow, Cornwall, £658,588, 20%
2. Whitby, North Yorkshire, £254,218, 17%
3. St Ives, Cornwall, £473,161, 15%
4. Porthcawl, South Glamorgan, £307,051, 14%
5. Newquay, Cornwall, £317,846, 13%
6. Pwllheli, Gwynedd, £222,607, 13%
7. Filey, North Yorkshire, £214,617, 13%
8. Mablethorpe, Lincolnshire, £173,612, 13%
9. Brixham, Devon, £299,127, 12%
10. Preston, Paignton, Devon, £303,684, 12%
Of course, in a small seaside town like Filey a property boom is a double-edged sword. The strong demand for holiday lets and second homes has inflated prices, great news for those selling properties, but not so good for those looking for their first home or seeking to move to a larger property. This trend is further compounded by the long-established retirement market.