Folkestone Emerges as a Coastal Hotspot with Rising Property Values

Folkestone, a seaside town in Kent, has transformed into one of the UK’s most sought-after coastal destinations. Property prices in the area have surged by 60% since 2015, with the current average standing at £311,010. This increase has narrowed the gap with both Kent’s average of £349,720 and Brighton’s £419,820. Known informally as “new Brighton,” the town has attracted many Londoners seeking a more tranquil lifestyle.

The dramatic rise in property values is largely attributed to local philanthropist Sir Roger De Haan. Over the past two decades, his charitable trust has acquired approximately 90 derelict buildings on the Old High Street, revitalizing the area into a vibrant creative hub filled with cafes, galleries, and studios. Sir Roger has also invested in sports facilities and educational institutions, and he purchased Folkestone Harbour for £11 million in 2004, later enhancing it with a 57-acre seafront site.

As a result of these efforts, Folkestone has undergone a remarkable transformation. The town now boasts a lively selection of bars, restaurants, and street-food vendors, along with unique features such as a champagne bar in a former lighthouse and live jazz performances in what used to be waiting rooms. The Folkestone Triennial has introduced permanent public art installations, while new festivals celebrate various cultural aspects, including music and film.

Many newcomers have flocked to Folkestone, including Paula Gardner, who relocated from north-east London. Gardner traded her four-bedroom bungalow for a Victorian terrace in 2021, drawn by the town’s energy and superior transport links compared to her original choice, Rye. “It had an energy about it which I really liked,” she shared. “It was about £100,000 cheaper and it was full of lots of little independent coffee shops.”

While the surge in property prices has benefited some, it has also raised concerns among locals. First-time buyers are finding it increasingly difficult to enter the housing market. Sir Roger’s proposal to construct 800 seafront homes has sparked controversy, with the first phase, Shoreline Crescent, completed last year. Prices for these new flats range from £330,000 to £2.1 million, prompting criticisms that these developments do not adequately address local housing needs.

A petition opposing the “Folkestone Harbour blocks” has garnered over 9,000 signatures, with objections centered on the cost and modern architectural design. In defense of his project, Sir Roger emphasized that the homes are built on a brownfield site, meaning no existing homes were demolished. He argued that his regeneration efforts have encouraged other developers to create more affordable housing within the town.

Despite the challenges, Folkestone’s renewed status as a desirable location presents both opportunities and dilemmas. As the town continues to evolve, ensuring that its success includes all residents remains a critical issue. The balance between development and affordability will be pivotal in shaping the future of this coastal gem.