Folkestone Emerges as a Coastal Hotspot with Soaring Property Prices

The seaside town of Folkestone in Kent has experienced a dramatic transformation, becoming one of the UK’s most sought-after coastal destinations. Once a fading resort, the town has seen property prices increase by 60% since 2015, with the average home now valued at £311,010. This surge in prices has narrowed the gap between Folkestone and other popular areas, such as Kent, where the average is £349,720, and Brighton, which stands at £419,820.

Revitalization Through Investment

Central to Folkestone’s revival is the effort of local philanthropist Sir Roger De Haan. Over the past two decades, his charitable trust has acquired approximately 90 derelict buildings along the Old High Street, creating a vibrant cultural hub filled with cafés, galleries, and studios. This initiative has been complemented by investments in sports facilities and educational institutions. In 2004, Sir Roger purchased Folkestone Harbour for £11 million, subsequently expanding it to include a 57-acre seafront site.

Today, Folkestone presents a lively atmosphere, boasting an array of bars, restaurants, and street-food stalls, including a champagne bar located in a historic lighthouse. The town also hosts the Folkestone Triennial, which has installed permanent public artworks and launched various festivals celebrating music, film, and even comic books.

New residents, including Paula Gardner, have flocked to the area. In 2021, Gardner traded her four-bedroom bungalow in north-east London for a Victorian terrace in Folkestone. She expressed her admiration for the town, 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.”

Challenges Amid Growth

Despite the excitement surrounding Folkestone’s revitalization, rising property prices have sparked concerns among first-time buyers who are increasingly unable to afford homes in the area. The construction of 800 seafront homes, part of Sir Roger’s development plans, has faced backlash from locals. The first phase, known as Shoreline Crescent, was completed last year, with prices ranging from £330,000 to £2.1 million. Critics argue that these developments do little to address the local housing crisis and have launched a petition to halt the construction of the so-called “Folkestone Harbour blocks,” which has garnered over 9,000 signatures.

Opponents of the project cite concerns over both the cost and the modern design of the new flats. In response, Sir Roger defended his initiative, highlighting that the homes were built on a brownfield site, meaning no existing residences were demolished. He also asserted that his efforts have motivated other developers to create more affordable housing options in the town.

As Folkestone continues to rise in popularity, the challenge remains to ensure that its success does not inadvertently exclude long-time residents. Balancing growth with affordability will be critical as the town navigates its new status as a desirable coastal destination.