Fraserburgh leads the way for Scotland s seaside towns with house prices almost doubled in a decade

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Angelica Martin
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The Bank of Scotland Seaside Town Review tracks house prices in 59 seaside towns across Scotland. The review is compiled using house price data from Registers of Scotland.

1 The Bank of Scotland Seaside Town Review tracks house prices in 59 seaside towns across Scotland. The review is compiled using house price data from Registers of Scotland. NOT FOR BROADCAST OR PUBLICATION BEFORE 00:01 27 th May 2017 Fraserburgh leads the way for Scotland s seaside towns with house prices almost doubled in a decade In the past decade, the average house price in Fraserburgh has grown by 95%, from 70,255 to 136,889 significantly exceeding the 16% increase for all seaside towns in Scotland, according to research from Bank of Scotland. The report reveals that seven of the top ten coastal towns with the biggest house price increases are located in Aberdeenshire, which for much of the period has been well served by the growth in the oil and gas sector. Joining Fraserburgh in the top 10 are; Inverbervie with a rise of 77,013 (62%) from 124,823 in 2006 to 201,837 last year, Macduff (53% increase - from 85,461 to 130,804), Banff (48% rise - from 81,106 to 119,937), Montrose (45% rise - from 87,619 to 127,182), Newtonhill (44% rise - from 150,751 to 217,218) and Peterhead (43% rise - from 84,982 to 121,390) over the same period. (Table 1) Lerwick in the Shetlands saw the second highest growth amongst Scottish seaside towns, rising by 70,081 to 160,689 an increase of 77%. Other towns outside Aberdeenshire with the next biggest gains include Buckie in Banffshire (45% increase from 84,222 in 2006 to 121,862 in 2016) and Invergordon in the Highlands (43% increase from 80,284 to 114,632 over the same period). However, over the last year, Scottish seaside towns recorded a 3% decrease in average house prices from 150,210 to 145,748, compared to a 3% increase across the UK ( 219,645 to 226,916). Although some towns continued to perform well, Invergordon saw the largest house price increase in the last year, going from 98,673 in 2015 to 114,632 (16%). Anstruther (14%), Kirkcudbright (11%) and Skelmorlie (9%) were the other top performers. (Table 2) Graham Blair, mortgage director at Bank of Scotland, comments: "Living on the coast offers many attractions, including a typically high quality of life and attractive surroundings. As a result, property in seaside towns is often very popular with homebuyers. Over the past 10 years, the strongest performing seaside towns have been on the Aberdeenshire coastline, as the oil industry was experiencing its boom period. However, more recently, house price growth has slowed down in many coastal towns meaning good

2 value for money can be found for those searching to realise their dream of living near the sea." East West divide in Scottish seaside towns The top five most expensive properties are located on the eastern coastline. North Berwick is the most expensive seaside town with an average house price of 314,435. St Andrews is the second most expensive ( 300,319), followed by Newtonhill ( 217,218), Stonehaven ( 214,594) and Inverbervie ( 201,837). (Table 3) Nine out of ten of the least expensive seaside towns are on the western coastline. Port Bannatyne is the least expensive in Scotland with an average price of 71,550. All of the top ten least expensive towns have an average price below 100,000. (Table 4)

3 Table 1: Seaside Towns 10 biggest house price increases Seaside Town House Price ( ) 2006 House Price ( ) 2016 % change Fraserburgh 70, ,889 95% Lerwick 90, ,689 77% Inverbervie 124, ,837 62% Macduff 85, ,804 53% Banff 81, ,937 48% Montrose 87, ,182 45% Buckie 84, ,862 45% Newtonhill 150, ,218 44% Peterhead 84, ,390 43% Invergordon 80, ,632 43% Scottish Seaside Towns 125, ,748 16% All Seaside Towns in GB 181, ,916 25% Source: Full year - Registers of Scotland for 2006 & 2016, 12 months to December

4 Table 2: Seaside Towns 10 biggest house price increases Seaside Town House Price ( ) 2015 House Price ( ) 2016 % change Invergordon 98, ,632 16% Anstruther 161, ,828 14% Kirkcudbright 147, ,799 11% Skelmorlie 147, ,159 9% Dunoon 104, ,495 8% Dingwall 127, ,655 8% Troon 169, ,898 7% Inverkip 186, ,653 7% Kirkwall 127, ,973 6% Thurso 99, ,445 6% Scottish Seaside Towns 150, ,748-3% All Seaside Towns in GB 219, ,916 3% Source: Full year - Registers of Scotland for 2015 & 2016, 12 months to December Table 3: Seaside Towns 10 Most Expensive Seaside Towns in Scotland Seaside Town House Price 2016 ( ) North Berwick 314,435 St Andrews 300,319 Newtonhill 217,218 Stonehaven 214,594 Inverbervie 201,837 Inverkip 198,653 Dunbar 198,172 Cove Bay 194,308 Anstruther 184,828 Troon 181,898 Source: Full year - Registers of Scotland for 2016, 12 months to December

5 Table 4: Seaside Towns 10 Least Expensive Seaside Towns in Scotland Seaside Town House Price 2016 ( ) Port Bannatyne 71,550 Campbeltown 80,737 Girvan 85,082 Millport 86,392 Saltcoats 87,881 Rothesay 90,284 Irvine 94,070 Wick 94,623 Ardrossan 94,823 Stranraer 94,944 Source: Full year - Registers of Scotland for 2016, 12 months to December Editors' Notes: House Prices - At seaside town level, the prices used are simple arithmetic ( crude ) averages. These prices are not standardised and therefore can be affected by changes in the sample from period to period. Data is from the Registers of Scotland and refers to the 12 months to December 2006 and December Crown copyright material reproduced with the permission of Registers of Scotland. "This report is prepared from information that we believe is collated with care, however, it is only intended to highlight issues and it is not intended to be comprehensive. We reserve the right to vary our methodology and to edit or discontinue/withdraw this, or any other report. Any use of this report for an individual's own or third party commercial purposes is done entirely at the risk of the person making such use and solely the responsibility of the person or persons making such reliance. " Bank of Scotland plc all rights reserved 2017.

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