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The Bank of Seaside Town Review tracks house prices in 59 seaside towns across Scotland. The review is compiled using information from the Registers of Scotland database for the period 2005 to 2014.

NOT FOR BROADCAST OR PUBLICATION UNTIL 00:01 HRS MONDAY 25TH MAY 2015

NORTH EAST COAST LEADS THE WAY FOR SCOTLAND'S SEASIDE TOWNS SINCE 2005

Three seaside towns in Scotland have recorded at least a doubling in house prices since 2005, according to research from Bank of Scotland. Two towns are on the coast. once again has experienced the biggest rise with a 109% increase from an average price of £63,540 in 2005 to £132,920 in 2014. Lerwick (102%) and (102%) have also doubled their house prices since 2005. (Table 1)

A further 15 coastal towns – out of a total of 59 surveyed – have recorded price increases of at least 50% since 2005. Partly due to the substantial rises in the top performing towns, the average house price in Scotland's seaside towns rose by 38% between 2005 and 2014; exceeding the 31% increase for Great Britain as a whole.

Newtonhill saw the largest house price increase over the last year, going from £199,902 in 2013 to £240,899 in 2014 (21%). Dalgety Bay (16%) and Macduff (15%) were the other top performers (Table 2).

Most expensive properties along the eastern coastline There is an east-west divide in house prices in Scottish seaside towns, with nine of the ten most expensive seaside towns being located on the eastern coastline. St Andrews is Scotland’s most expensive seaside town with an average house price of £294,586. North Berwick is the second most expensive (£294,076), followed by (£243,741) and Newtonhill (£240,899). (Table 3)

All of the ten least expensive seaside towns are in western Scotland. Port Bannantyne is the most inexpensive in Scotland with an average price of £73,539. All ten least expensive towns have an average price below £100,000. (Table 4)

Nitesh Patel, housing economist at Bank of Scotland, comments: "Seaside towns are highly popular places to live in Scotland as they offer a unique lifestyle with a typically high quality of life and a healthy environment. A number of seaside towns have recorded substantial house price increases over the past decade, predominately on the east coast. The boom in the Scottish oil sector during the period also provided a boost to house prices, particularly in several towns along the Aberdeenshire coastline. Scottish seaside town house prices have done particularly well over the last ten years, outperforming the average for Great Britain as a whole."

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Table 1: Seaside Towns - 10 biggest house price increases 2005- 2014

Average Average House House Price 2005 Price £ 2005-2014 Seaside Town (£) 2014 (£) % change Fraserburgh 63,540 132,920 109% Lerwick 77,513 156,286 102% Peterhead 68,987 139,046 102% 112,752 220,457 96% Macduff 66,226 124,405 88% Newtonhill 128,548 240,899 87% Cove Bay 101,381 188,559 86% Stonehaven 131,722 243,741 85% Millport 53,656 97,419 82% Buckie 73,989 133,052 80% Scottish Seaside Towns 104,238 143,497 38% GB Seaside Towns 159,522 208,729 31% Sources: Registers of Scotland 2014

Table 2: Seaside Towns - 10 biggest house price increases 2013- 2014

Average Average House House Price 2013 Price £ 1 year % Seaside Town (£) 2014 (£) change Newtonhill 199,902 240,899 21% Dalgety Bay 150,231 174,279 16% Macduff 108,083 124,405 15% Cullen 130,012 146,821 13% Cockenzie 139,691 157,311 13% Kinghorn 128,153 144,239 13% Skelmorlie 142,665 159,719 12% Lerwick 140,981 156,286 11% Kirkcudbright 135,367 148,944 10% Burntisland 129,746 141,761 9% Scottish Seaside Towns 138,694 143,497 3% GB Seaside Towns 198,129 208,729 5% Sources: Registers of Scotland 2014

Table 3: 10 Most Expensive Seaside Towns in Scotland

Average House Price Town 2014 (£) St Andrews 294,586 North Berwick 294,076 Stonehaven 243,741 Newtonhill 240,899 Inverbervie 220,457 Inverkip 201,978 Dunbar 192,205 Cove Bay 188,559 Anstruther 178,981 Dalgety Bay 174,279 Sources: Registers of Scotland 2014

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Table 4: 10 Least Expensive Seaside Towns in Scotland

Average House Price Town 2014 (£) Port Bannatyne 73,539 Campbeltown 85,659 Thurso 88,500 Girvan 89,064 Wick 90,124 Saltcoats 90,583 Stranraer 90,590 Irvine 93,736 Ardrossan 94,666 Greenock 95,042 Sources: Registers of Scotland 2014

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 refers to the 12 months to December 2005 and 12 months to December 2014

© Crown copyright material reproduced with the permission of Registers of Scotland.

For further information: Name: Zoe Redhead, Bank of Scotland Press Office Tel: 0131 655 5405 Email: [email protected] Web: www.lloydsbankinggroup.com/media.asp

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