Sandbanks in Poole is the most expensive seaside location for buying a home in Britain despite prices falling in the South Coast location, new research shows.
The Dorset peninsula which juts out into the English Channel has the costliest seaside properties for the third year in a row at an average price of £626,553 but prices are down £37,494.
The research from lender the Halifax also shows that Salcombe in South Devon is the second most expensive seaside town with an average price of £577,591, but here too prices have fallen, down by £52,702. Aldeburgh in Suffolk is third with an average price of £535,872.
Since 2008, overall, the average house price in Britain’s seaside towns has risen by 21%, from an average £193,859 in 2008 to 234,654 in 2018.This equates to an average increase of over £4,000 a year.
The vast majority of the top 20 seaside towns with the biggest house price growth over the last 10 years are in the South East. Average house prices in Burnham on Crouch in Essex at £330,684 and Whitstable in Kent at £368,563 have both increased by 57% since 2008, while Aldeburgh has seen a rise of 56%.
The cheapest seaside towns are in the North of England and Scotland. Of the 10 least expensive seaside towns, nine are in Scotland with Millport, on the island of Great Cumbrae in the Firth of Clyde, leading the least expensive list with an average price of £81,233.
This is followed by Girvan in South Ayrshire at £91,459 and Saltcoats in North Ayrshire at £92,891 while England’s least expensive seaside town is Newbiggin by the Sea in Northumberland, with an average house price of £94,385.
‘It’s no surprise that the South coast continues to be home to the most expensive seaside towns in the country, including those with the greatest growth in house prices over the last 10 years,’ said Russell Galley, Halifax Managing Director.
‘What we can see though is that the two most desirable locations have in fact seen prices drop over the last year. This fall is likely to have been impacted by the higher costs of stamp duty for these more expensive homes,’ he pointed out.
‘Having a postcard view can be a dream that comes with a hefty price tag attached, but while more sun is undoubtedly appealing, it doesn’t appear to guarantee happy home owners. Seaside house hunters may be more tempted by Newbiggin by the Sea in Northumberland, where average prices stand below £95,000 and offer a higher happiness rating than nine out of 10 of the most expensive towns,’ he added.
