Resort’s house prices rocket
LOCKDOWN LEADS TO ‘EXCEPTIONAL’ DEMAND AS PEOPLE LEAVE THE CITIES
ASEASIDE village on Anglesey has become a property hotspot with some of the biggest price rises for any coastal location in the UK.
Over the past five years, the average asking price for a home in Benllech has soared 40% to £289,390 – nearly £80,000 more than the Welsh average.
This placed the village in 10th position in a UK list of coastal housing hotspots compiled by property website Rightmove.
Estate agents in Benllech said local property prices shot up after the spring lockdown as people looked to escape busy cities in north west England.
“Demand since the summer has been exceptional, with homes often selling in excess of their asking prices,” said chartered surveyor Dafydd Rowlands, owners of the Egerton Estates agency in Benllech.
Unlike coastal honeypots like Rhosneigr on Anglesey and Abersoch in Gwynedd, which attract more affluent homebuyers, Benllech was a magnet for recent retirees, he said.
Local services in the village were good, with shops, cafes and a new medical centre.
Crucially, said Mr Rowlands, there was also a large stock of bungalows.
“That’s what people want when they retire,” he said.
“Many of them have spent a lifetime of holidays on Anglesey and have long-held ambitions of retiring to the island.
“They associate Anglesey with happy times, and Benllech has good facilities for the retirement market.”
The Rightmove list included three locations in Wales and was headed by the scenic town of Mumbles in Swansea Bay.
In the five years to October 2020, the average asking price of a home there rose 47% to stand at £344,832.
In sixth position was Aberavon, Port Talbot, where property prices are much lower – but which has seen rises of 42% since 2015.
A home there now costs £136,710 on average.
All other coastal hotspots in the list were in England, led by Camber in East Sussex, and Fowey in Cornwall, both with 45% increases.
Tim Bannister, Rightmove’s director of property data, said relocating to a coastal area was a dream move for many homehunters.
“It’s safe to say that lockdown has intensified that desire to live beside the sea for many people,” he added.
Mumbles is a former fishing village that has long been popular as a beach destination.
Located closed to Wales’ second city, it is seen as the gateway to Gower, the first area in the UK to be designated an Area of Outstanding Natural Beauty.
Recent developments include Oyster Wharf, a Mediterranean style plaza fronting onto the seafront.
“The beaches are just walking distance away and the vibe of the town is really special,” said Ben Davies, managing director at Belvoir Estate Agents in Mumbles.
“You can get a lot more bang for your buck here – despite the rising prices – than in places like Cornwall and Devon.
“It’s popular for people who work in London part of the week, as there’s a direct train link from Swansea to Paddington.”