Property prices in British seaside towns have grown by 25% over the past ten years according to a new lender report.
The data from Halifax revealed that the average price growth over the past decade was equivalent to a monthly rise of £382 in seaside towns – increasing from £181,060 in 2007 to £226,916 this year.
It did indicate, however, that the extent of the growth was regionally dependent, with England’s southern coast being where nine out of ten of the most expensive seaside towns were located.
For the second year running, Sandbanks is the most expensive seaside town, with an average property costing £664,051. In second place was South Devon’s Salcombe and in third was Aldeburgh in East Anglia, with the average property priced at £617,743 and £526,689 respectively.
The most expensive seaside areas outside of southern England are located in Scotland, with average property prices at £314,435 in North Berwick. It’s also here where seaside towns have observed the greatest growth in house prices, with average prices in Fraserburgh rising to £136,889; an increase of 95% over the past decade. Prices in Lerwick also saw a substantial rise of 77%, with Shoreham by the Sea just behind with a 70% increase.
The greatest rise in average price value occurred in Aldeburgh, with property prices growing to £526,689 in 2017 up from £315,641 in 2007.
At the opposite end of the scale were the least expensive seaside towns, nine out of ten of which were located in Scotland. With the average property costing £71,550, Port Bannatyne is the cheapest seaside town to buy property, with Newbiggin by the Sea being England’s least expensive seaside town. Here, the average property is priced at £75,779.
Commenting on the research was Martin Ellis. The Halifax housing economist highlighted that it was the desirability and commutable location of many seaside towns which was causing prices to grow.
“Seaside towns are extremely popular places to live, offering sought-after views and desirable weather. Being by the seaside does come at a price – with the marked increase in house prices reflecting the demand for rooms with a ‘sea’ view.
“Over the past decade, house prices in the South East, especially coastal towns within commutable distance to London, have shown strong growth and have become Britain’s most expensive seaside towns.
“However, the strongest performing coastal towns in terms of growth have been in the north of the border in Scotland, where property prices on the Aberdeenshire coastline have been helped by the oil industry more than the sunshine.”