Properties in seaside towns "worth £50,000 more than in 2005"

Thu 04 Jun 2015

The average property in a seaside town is now worth almost £50,000 more than it was just ten years ago.

New figures from Halifax show there has been a considerable spike in the price of houses and flats for sale in coastal areas, with the average property now selling for £208,729 - 31 per cent up on a decade ago.

It is clear the lure of the beach and a beautiful sea view is too much for many people to resist, with towns in all four corners of the UK experiencing substantial increases in property values.

Craig McKinlay, mortgages director at Halifax, said the most expensive seaside towns are generally located on the south coast, although properties in all parts of the country have experienced rapid price growth in recent years.

Salcombe and Sandbanks in Dorset were named as the most expensive seaside destinations of all, with the average property in these areas selling for £672,874 and £614, 726 respectively.

Elsewhere, other locations highlighted for the particularly hefty price tags of their homes were Aldeburgh on the Suffolk coast, where the average property sells for £413,393, Lymington in the New Forest (£404,781) and East Wittering in West Sussex (£330,146).

“Seaside towns have a distinct attraction, offering that all important sea view with a typically high quality of life in a healthy environment. There is a romance associated with living by the sea and this is evident in the high house prices seen in many of these areas,” Mr McKinlay explained.

Properties to buy in Brighton appear to be among those in the highest demand, with prices in the city increasing by 58 per cent since 2005. This was the third largest rise on record, putting it behind only Salcombe and Workington.

Over the last 12 months, the West Sussex town of Shoreham-by-Sea recorded the joint-largest rise in house prices, with values heading upwards by 20 per cent - four times the average increase of five per cent in seaside towns.

Away from the north of the country, the most affordable coastal town was named as Lowestoft, where the average property is worth £153,025, while Great Yarmouth (£159,965) and Margate (£164,995) were also among the least expensive options on offer to those who wish to live by the sea.

If you would like to sell a property or you are looking for a new place to live, get in touch with your nearest Leaders estate agents branch for local market insight, advice and all the support you need to achieve your goals in the property market.