Beach hut asking prices have fallen for a second consecutive year as the lifestyle-buying boom that followed the pandemic continues to unwind, according to Yopa.
The estate agency’s analysis of listings across eight popular coastal counties found that average asking prices declined by 9.8% over the past year.
This followed a considerably larger fall of 19.6% during the previous 12 months.
Despite the correction, average asking prices across the locations examined remain 7% higher than in 2022, before the post-lockdown market reached its peak.
WEST SUSSEX RECORDS BIGGEST FALL
Beach hut prices initially climbed by 37.1% following the final Covid lockdown and increased by another 7.9% the following year as demand for coastal leisure space remained strong.
West Sussex has since recorded the largest annual decline, with average asking prices falling by 35.1%.
Norfolk experienced the second-largest reduction at 13%, followed by Essex at 12.2% and Hampshire at 12%.
Prices fell by 5.5% in Kent and 2.9% in East Sussex.
Dorset and Suffolk were the only counties examined to record annual growth, with asking prices increasing by 2.8% and 6.6% respectively.
DORSET LEADS LONG-TERM GROWTH
Dorset has produced the strongest performance since 2022, with average beach hut asking prices now 71% higher.
West Sussex remains 31% above its 2022 level despite its sharp recent fall, while Essex and East Sussex are up by 15% and 14% respectively.
Norfolk prices are now 29% below their 2022 average. Hampshire is down by 10% and Suffolk remains 8% lower despite its latest annual increase.
Verona Frankish (main picture, inset), CEO of Yopa, says: “The beach hut market experienced the same surge in demand that we saw across the wider housing market in the wake of the pandemic, as buyers placed far greater value on lifestyle purchases and making the most of the UK’s coastline.
“Whilst demand for beach huts remains strong, they’re ultimately a discretionary purchase and, with confidence across the wider property market remaining somewhat subdued, it’s no surprise that we’ve seen values ease over the last couple of years.”
She adds that the correction could provide buyers with greater choice and negotiating power than during the height of the post-pandemic boom.
