Britain's love affair with seaside sees price of coastal homes soar
05-26-2015
BRITAIN’S love affair with the seaside has added £410 a month for a decade to the price of homes on the coast.
By Sarah O'Grady
ALAMY
A sunny day in Salcombe which has been named the most expensive seaside town to buy a house
This increase has seen Salcombe in Devon, where a house costs an average £672,874, being named as the most expensive waterfront town to buy a property in.
At the other end of the price range, Port Bannatyne in Scotland is the cheapest at £73,539, according to a survey of 196 seaside towns by the Halifax bank.
In fact, eight of the 10 least expensive coastal areas were found to be north of the border.
In England, Newbiggin by the Sea, in Northumberland, was found to be the least expensive with an average price of £81,339.
Some of the most expensive seaside towns in Britain are dotted along the southern England coastline while many of the least expensive are in the north, particularly in Scotland.
Craig McKinlay, mortgages director at Halifax
All the top 10 most expensive seafront towns are in southern England.
Sandbanks in Dorset, a haven for celebrities, is the country’s second most expensive at an average £614,726.
Over the last 10 years, the average seaside house price has increased by almost one-third (31 per cent) to £208,729.
This is equivalent to £410 a month added to their value over the last decade.
The biggest hikes have been in Scotland. And outside southern England the most expensive areas with views of the sea are also in Scotland. The average house price in St Andrews, for example, is £294,586.
Properties bordering the Gower Peninsula in Mumbles, south Wales, are also among the dearest outside southern England, at an average £271,349.
Craig McKinlay, mortgages director at Halifax, said: “There is a romance associated with living by the sea and this is evident in the high house prices.
“Some of the most expensive seaside towns in Britain are dotted along the southern England coastline while many of the least expensive are in the north, particularly in Scotland.
“Despite a clear north-south divide in property prices among seaside towns, the rapid price growth in many Scottish seaside towns over the last 10 years suggests the popularity of coastal living has spread out across the whole country.”
The research used figures from the Land Registry and the Registers of Scotland.