Coastline erosion effect on property prices in Norfolk
There are a few things in life that we know to be certain. Death and taxes are the two most well known, as the saying goes. However, there is something else in life that is inevitable – coastal erosion. There is simply no holding back the tide, as King Cnut found to his cost. And while for most people, the fact that the coastline is disappearing into the sea is no big deal, for others it is a very serious problem. And many of this second category of people happen to live by the coast.
This may be largely because coastal erosion is bound to have an effect on property price. After all, nobody wants to live on top of a cliff that could fall into the sea at any moment. However, in many cases, people don’t consider it a problem until the water is too close. Studies have shown that prices for real estate only really drop when the water is very close to a property. Like many things in human nature, it’s case of out of sight, out of mind. People don’t tend to pay attention until it becomes a serious problem. And while erosion is an inevitability, it probably doesn’t have too much of an impact on property until it is very late in the day.
So, unless you live on a cliff top that is steadily disappearing, your property’s value won’t be adversely affected. That’s not to say that this will remain the case forever, of course. And if you live by the water, then it is something you may need to consider.
Whether this coastal erosion or coastal property prices will be affected by climate change is another consideration. The speed of coastal erosion or rising sea levels might also have a big impact on house prices in the future. And this could be something that happens quickly.
Here in Norfolk, it is certainly a problem we need to think about. Property prices remain fairly stable, and homes by the water are generally considered desirable. But within a certain distance, this starts to have a negative effect. To find out more about why coastal erosion matters, speak to our team here at Agile. We’re experts in local property and know what can and can’t make a difference to property values. If you are interested in buying or selling a home near the coast, we are more than happy to have a chat about the issues at hand.
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