Folkestone Emerges as a Coastal Hotspot with Rising Property Prices

Once a declining seaside resort, Folkestone has transformed into a sought-after coastal destination in the UK. House prices in this Kent town have surged by 60% since 2015, with the average property now valued at £311,010. This increase brings prices closer to those in Kent, where the average stands at £349,720, and Brighton, which boasts an average of £419,820. Dubbed “new Brighton” by The Telegraph, Folkestone’s property market has recently outpaced Brighton, soaring by 7% in the last year alone.

The revitalization of Folkestone is largely credited to local philanthropist Sir Roger De Haan. Over the past two decades, his charitable trust has acquired approximately 90 derelict buildings in the Old High Street area, transforming it into a vibrant cultural hub filled with cafés, galleries, and studios. Additionally, he has invested in sports facilities, improved local schools, and purchased Folkestone Harbour for £11 million in 2004. His efforts extended to adding a 57-acre seafront site, contributing to the town’s dramatic transformation.

Today, Folkestone features an array of bars, restaurants, and street-food stalls that are highly Instagram-friendly, including a champagne bar located in the old lighthouse and live jazz performances in the former waiting rooms. The annual Folkestone Triennial has introduced permanent public artworks, while new festivals celebrate music, film, and comic books, further enhancing the town’s appeal.

Many newcomers are drawn to Folkestone, including residents from London seeking a more tranquil lifestyle. Paula Gardner, 56, relocated from a four-bedroom bungalow in north-east London to a Victorian terrace in 2021. She expressed her enthusiasm, stating, “It had an energy about it which I really liked. Its transport links are better than Rye, which is where I was thinking of moving to originally. It was about £100,000 cheaper and it was full of lots of little independent coffee shops.”

Despite the enthusiasm surrounding Folkestone’s growth, not all residents are celebrating. The soaring property prices have made it challenging for first-time buyers to enter the market. Concerns have been raised regarding Sir Roger’s plan to construct 800 seafront homes, with the first phase, named Shoreline Crescent, completed last year. Prices for these new flats range from £330,000 to £2.1 million. Critics argue that the development will not assist local residents and will exacerbate the existing housing crisis.

A petition opposing the “Folkestone Harbour blocks” has garnered over 9,000 signatures, with objections focusing on both the cost and the modern design of the flats. In response, Sir Roger emphasized that the homes are situated on a brownfield site, ensuring no existing houses were displaced. He defended his regeneration efforts, stating that they have inspired other developers to create more affordable housing options in the area. He also noted the challenges posed by the national housing crisis that has driven up prices for younger buyers.

Folkestone’s rise as a desirable destination illustrates the delicate balance between revitalization and affordability. As the town continues to evolve, the challenge will be ensuring that its success does not come at the expense of its long-standing residents.