New data from Rightmove shows a surge in demand for homes in coastal locations from people living in cities, leading to properties being snapped up more quickly. The analysis examined over 120 coastal areas across Great Britain, to look at the shifts in buyer behaviour compared to before the pandemic.
Back in 2019 it was taking an average 71 days to find a buyer for a home in a coastal location. That has now dropped to 51 days, a significant drop of 20 days.
The norm is for homes in coastal locations to take longer on average to find a buyer than the faster paced markets in cities. While city markets have also sped up, the average time has dropped by 13 days not 20. This puts coastal locations and cities level, with both now taking 51 days to find a buyer on average.
Compared to before the pandemic, the number of buyers living in cities sending enquiries to estate agent about homes in costal locations has increased by 115%. This compares to a much lower increase of 36% in enquiries from people living in a city enquiring to move but to stay in that city. This suggests a more sustained shift in buyer preference than initially thought, driven by multiple factors such as the ability to work from home and a re-examining of priorities.