May 22nd 2024.
According to a recent study conducted by Bank of Scotland, St Andrews has emerged as the most expensive coastal area to purchase a home in Scotland. This picturesque town, renowned for its prestigious university and world-class golf courses, boasts an average property price of £423,419, a slight increase from last year. This has pushed North Berwick, a charming town in East Lothian, into second place.
For the past six years, North Berwick held the title of the most expensive coastal area in Scotland. However, in 2023, the town experienced a 4% decrease in property prices, bringing the average cost down to £421,613. Despite this, it still remains a highly coveted location, with only a small difference in price compared to St Andrews. The third spot on the list is secured by Dunbar, also located in East Lothian, with an average property price of £304,569.
On the other end of the spectrum, the most affordable coastal area in Scotland is Rothesay, situated on the Isle of Bute. With an average property price of £101,477, it offers an idyllic seaside living experience at an affordable cost. Overall, the average price of a coastal property in Scotland is £184,224, showing a 1% increase from the previous year, outperforming the national average which saw a decline.
Looking at the past decade, the cost of coastal properties in Scotland has risen by almost a third between 2013 and 2023. Cockenzie and Anstruther have seen the biggest increase in property prices over the years. However, Invergordon in the Scottish Highlands witnessed the highest year-on-year growth, with an average property price of £154,293, representing a 33% increase.
Graham Blair, Mortgages Director at Bank of Scotland, acknowledges the appeal of Scotland's stunning coastline and breathtaking scenery, making it a desirable location for many to call home. He also highlights the value that Scotland offers in comparison to other coastal areas in Britain, particularly for those seeking a peaceful and remote way of living. For instance, Rothesay on the Isle of Bute offers the most affordable coastal properties in all of Britain, with an average price of £100,000.
On the other hand, for those seeking a more affluent lifestyle, St Andrews tops the list as the most expensive coastal location in Scotland. With its world-renowned golf courses and prestigious university, the average property price here is over £423,000. North Berwick, known for its scenic beauty, follows closely behind with a similar price tag.
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