Despite its stunning Blue Flag beaches, ‘Miami-like’ peninsula, and celebrity appeal, this stunning UK seaside resort in Dorset has seen its lucrative house prices take a hit
House prices have surprisingly slumped across one of the UK’s most desirable seaside resorts – known to be a haven for celebrities. Home to seven beautiful miles of Blue Flag sandy beaches and a ‘Miami-like peninsula’ – the affluent neighbourhood is brimming with multi-million-pound properties, yacht clubs, and A-listers.
If you haven’t guessed already, we’re talking about Sandbanks, a true gem nestled in the city of Poole, Dorset. Often dubbed as the gateway to the Jurassic Coast World Heritage Site, Sandbanks truly has something for everyone: there’s Corfe Castle for history buffs, pristine beaches for the lazy tourists amongst us, and a range of water sports like jet skiing for the adrenaline seekers.
With an awe-inspiring beauty, it’s no surprise the area has always been a bit of a celebrity magnet. Football manager Harry Redknapp, TV chef Rick Stein, and comedian Karl Pilkington all call Sandbanks home. “The main road (Panorama Road) is known as Millionaire’s Row and the peninsula has the fourth highest land value, by area, in the World,” explains Dorset Guide.
“In 2005 a shabby bungalow in need of attention sold for three million pounds. The adjacent Canford Cliffs coastline is labelled by the national media as Britain’s Gold Coast or Orange County due to the area having the largest collection of expensive houses outside London, many owned by celebrities.” Despite all of this, the area has taken a huge hit when it comes to property prices…
Regency Living has analysed house price performance across 100 of the nation’s most popular seaside hotspots, and found that Dorset’s prestigious Sandbanks has seen the largest decline of them all. Here, the average house price fell by -4.6 per cent over the last year.
Now, this doesn’t mean you’ll exactly be able to grab a bargain. According to Right Move, the overall house price in Sandbanks last year averaged out at a staggering £1,529,979. Flats sold for an average of £948,310 (almost twice the average price of London), while detached properties sold for an eye-watering average of £2,884,142.
Want big news with big heart? Get the top headlines sent straight to your inbox with our Daily Newsletter
In a statement sent to the Mirror, Sales and Marketing Director at Regency Living, Tim Simmons, said: “It’s certainly no coincidence that some of the most popular coastal locations boasting the most over-inflated house prices have also been subject to some of the largest market corrections over the last year. Whilst the picture is certainly improving, homebuyers are continuing to contend with far higher mortgage rates than they’ve become accustomed to in recent years and this is restricting the price they can afford to pay at all levels of the property market.”
The property expert added that while Brits haven’t fallen out of love with the seaside, there has been a noticeable ‘shift’ towards more affordable locations on the coast. Tim points out that affordability has always been a ‘key issue’ for Brits wanting to live by the sea – due to the soaring demand as well as the finite level of stock of coastal homes that drives prices up.
“In fact, it’s often the key factor we see amongst silver downsizers looking to move to such areas across the South West, South East and East of England,” Tim explained. “Whilst they want to enjoy a coastal lifestyle, they simply can’t afford to realise this retirement within the bricks and mortar market. Instead, a residential park home provides them with an affordable alternative, without having to compromise on their dream location.”
Do you have a story to share? Email us at yourmirror@mirror.co.uk for a chance to be featured
