Scottish Island Has Biggest Property Price Increase

Millport

It is only an eight-minute ferry journey from its nearest large town and has been billed as being Scotland’s most accessible island.

And with the pandemic changing our daily routines with the way we live and work, the dream of an island idyll is becoming more of a reality without lengthy commutes to major towns and cities.

And this could be part of the reason why the Isle of Cumbrae has seen the largest jump in coastal property prices in the past year, increasing by more than half, according to the latest figures.

Lending giant Halifax has revealed the average price of a home by the sea has jumped by more than £22,000, with coastal property values boosted by the switch to home working during the pandemic, according to their latest report. The average value of a British seaside property rose to £287,087 last year, up 8% or £22,082 from 2020.

Millport is enjoying a property price boom

While unsurprisingly, the south coast, millionaires’ playground of Sandbanks in Dorset was the most expensive seaside town, with average prices surging 10% year-on-year to £929,187, the analysis of Land Registry house price data showed.

However, the surprise price increase was Millport, on the Isle of Cumbrae in North Ayrshire. While it might be the study’s least expensive seaside town in 2020, it has seen the biggest increase in average prices of any coastal town over the past year, up by more than half (53 per cent) from £74,148 to £113,292.

The second most expensive coastal retreat is Salcombe in Devon in second place, down from pole position in 2020, with a typical property costing £912,599, as the South West dominated the ranking.

Last year’s price gains mean properties by the sea have soared by 50% or £95,599 over the past decade, with a 27% leap in the past five years.

Many people have looked to buy in more remote locations and move away from cities in the past two years as the pandemic saw a shift towards working from home. What might have been barriers to coastal lifestyles pre-pandemic,  are now less of an issue for people choosing to work from home without a long commute or remote access issues.

Russell Galley, managing director of Halifax, said: “Our ongoing love affair with living by the sea shows few signs of abating.

“Homes on the coast have long attracted a premium price, and this was no different in 2021, with the move towards working from home being an ongoing influence on where people choose to live.

“Whether it’s a lifestyle sought, the scenery or the sea air when it comes to buying homes, we really do love to be beside the seaside.”

For those wanting a change of pace following the pandemic and opting to house hunt further from their office base due to the change in working patterns and a shift to a more blended or hybrid option, the option of a dream life by the sea has become more of a reality.

As well as just being a short ferry journey from the mainland, Millport enjoys frequent sailings in the summer with services almost being run like a shuttle. It also benefits from good connections on either side with bus services from the ferry terminal to Millport and commuters can continue their journey from Largs with train connections along the west coast.

Estate agent Alan Hill of Robert and Duff co, the only agents on the island, said following on from the pandemic has given people the opportunity to work from home in areas that might not otherwise have been possible.

Mr Hill said: “Properties in Millport are coming off the market almost as fast as they go on and we are seeing offers over 10 to 20 per cent and on the odd occasion 30 per cent for the right property.

“I’ve not seen this kind of demand on this scale in Millport before.”

With its stunning views and for many visitors a touch of nostalgia for fond days out playing at the beach and climbing the famous Crocodile Rock, it’s not hard to see why it is enjoying a property price hike.

Cousins Daniel and Adam Jack have been commuting to Millport as they prepare to launch their accommodation business on the island this summer.

The unique project will see them launch the island’s first lodges as well as the hope of offering local employment.

Daniel Jack, of Jack’s Alt Stays, said: “We can be in Millport in eight minutes from Largs and it is a great location for our business.  We are launching a new eco-cabin accommodation business on the island and we think it is a great location. You can be on a train from Glasgow, and then a ferry and on the island in 1hr 15 minutes.”

Island distillery owners are delighted with the upturn in property prices and hope it has a knock-on effect for them.

Juli Dempsey, a director with Isle of Cumbrae Distillers, which bottles its own island gin brands including Crock Rock Gin, said: “I’m not surprised about the upturn because as soon as a property appears in the local estate agents there seems to be an under offer sign. We live and work here and the island is great for us. If more people are choosing to live here then it can only be good for business as well.”

Millport might have seen the biggest increase in average prices of any coastal town over the past year, it still makes an appearance, along with other Scottish coastal towns, throughout the list of Britain’s cheapest seaside towns, with Campbeltown in Argyll and Bute offering the most affordable properties at an average of just £91, 201.

Other towns on the list include Ardrossan, Saltcoats, in North Ayrshire and Girvan in South Ayrshire.

Over the past decade, Margate in the South East has seen the biggest average price rise of any seaside town, with prices jumping by 98% or £139,814, from £142,920 to £282,734.

Britain's most expensive seaside towns according to Halifax, with the average house price:

1. Sandbanks, Dorset, South West, £929,187

2. Salcombe, Devon, South West, £912,599

3. Padstow, Cornwall, South West, £588,090

4. Lymington, Hampshire, South West, £565,790

5. Aldeburgh, Suffolk, East Anglia, £515,444

6. Fowey, Cornwall, South West, £491,042

7. Dartmouth, Devon, South West, £485,760

8. Lyme Regis, Dorset, South West, £473,861

9. East Wittering, West Sussex, South East, £472,364

10. Kingsbridge, Devon, South West, £464,858

Britain's least expensive seaside towns according to Halifax, with the average house price:

1. Campbeltown, Argyll and Bute, Scotland, £91,201

2. Girvan, South Ayrshire, Scotland, £101,676

3. Greenock, Inverclyde, Scotland, £103,496

4. Ardrossan, North Ayrshire, Scotland, £104,990

5. Saltcoats, North Ayrshire, Scotland, £105,505

6. Wick, Highland, Scotland, £105,686

7. Newbiggin-by-the-Sea, Northumberland, North, £108,957

8. Port Bannatyne, Isle of Bute, Firth of Clyde, Scotland, £111,717

9. Irvine, North Ayrshire, Scotland, £111,742

10. Millport, North Ayrshire, Scotland, £113,292

This article appeared in The Herald.