Over the past decade, the average house price in seaside towns rose by 97%, slightly ahead of the 95% increase in the whole of England and Wales.
Seaham, in County Durham, has recorded the biggest rise over the past decade with the average house price increasing by almost 183% from £38,443 in 2002 to £108,742 in 2012. Wadebridge and Padstow, both in Cornwall, have seen the next largest rises with increases of 173% and 171% respectively. The average price in Wadebridge is now at £348,986, and £382,806 in Padstow.
The research, which tracks house price movements in 136 seaside towns based on data from the Land Registry, also shows that there is a marked North/South divide in house prices in seaside towns, despite big increases in house prices in many seaside towns in the north over the past ten years. All ten of the most expensive seaside towns are on the south coast with eight in the South West.
Salcombe in Devon at £528,920 and Sandbanks in Dorset at £525,927 have the highest average prices with both also featuring amongst the most expensive areas in the country.
All ten least expensive seaside towns are in northern England. The least expensive town in the survey is Newbiggin-by-the-Sea in Northumberland with an average house price of £75,063 and Blackpool is also one of the most inexpensive seaside towns with an average house price of £104,747.
‘Seaside towns are still very popular places to live. They offer a unique lifestyle that for many can't be matched elsewhere, with that all important sea view, together with a typically high quality of life and a healthy environment,’ said Martin Ellis, housing economist at Halifax.
‘However, seaside living often comes at a price. The majority of seaside towns in Wales, East Anglia and the South West have an average house price that is higher than the surrounding area. But, this is not always the case and good value properties can be found in many seaside towns in the South East and Yorkshire and the Humber, in particular,’ he added.
Some 13 seaside towns, all in southern England, have an average house price above £300,000. Outside southern England the most expensive seaside towns are the Mumbles in south Wales at £240,899, Whitby in Yorkshire at £211,484, Grange over Sands in Cumbria at £210,445 and Sandsend in Yorkshire at £206,018.
Whilst three of the five seaside towns experiencing the biggest house price gains since 2002 are in Cornwall, seven of the top ten biggest movers are outside southern England with no seaside towns in the South East amongst the ten best performers.
The seven seaside towns outside of southern England that feature in the top ten had average prices that were well below £100,000 in 2002, with prices rising sharply from a relatively low base over the following decade.
