Overview

• Coastal properties now take an average of 73 days to sell, up from 52 days in 2021, reflecting a significant slowdown since the pandemic-era boom.
• Price growth for seaside homes has stabilized at 1% annually, a stark contrast to the 4.5% increase seen during the peak of the 'race for space' in 2021.
• The resurgence of in-office work has reversed the pandemic trend of migration to coastal areas, with London once again the most searched-for location on Rightmove.
• Government fiscal policies, including increased stamp duty and higher council taxes for second homes, have further dampened demand for rural and coastal properties.
• First-time buyers face mounting financial challenges, with average home prices rising 17% since 2020 and mortgage rates more than doubling to 4.73%.