House Prices Soar in Seaside Towns

06/11/2012 09:54:56

House Prices Soar in Seaside TownsWith London properties for sale experiencing rising prices, many savvy buyers are looking to make a move to the country.
Seaside towns in England and Wales are experiencing a renaissance, thanks to the continued popularity of staycationing and buy-to-let mortgages for holiday lets. Whether you’re looking for a second home, fancy escaping the rat race or want to invest, properties in seaside towns are well worth a look – particularly properties for sale in Cornwall.

According to high street lender the Halifax, house prices have soared in half of the seaside towns in England and Wales since 2002. During that last 10 years, the average house price in such locations rose by a whopping 97%. The Halifax obtained the figures by tracking house prices in 136 seaside towns in England and Wales.

Top 10 Seaside Towns in England and Wales

Halifax’s research threw up some surprising results. Although properties for sale in Cornwall featured heavily in the list of top 10 seaside towns, it was County Durham that snagged the No.1 spot.

Properties for sale in Seaham recorded the biggest rise since 2002. The average house price rose by a massive 183% from £38,443 in 2002 to £108,742 in 2012.

Properties for sale in Weybridge accounted for the second largest increase, with average house prices rising by 173%. The current average house price in Weybridge is £348,986.

Homes for sale in Padstow came in third place. Average house prices in Padstow rose by 171% to £382,806.

All ten of the most expensive seaside towns are located on the south coast. Eight are situated in the South West of England.

Properties for sale in Salcombe (Devon) and Sandbanks (Dorset) recorded the highest average house prices at £528,920 and £525,927 respectively.

Martin Ellis, housing economist at The Halifax, remarked: “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.

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.”

So, are there really any bargains to be snapped up by the sea? Martin Ellis isn’t wrong. However, there is a reason that properties for sale in Cornwall, Devon and Dorset are so popular! Buy in a less expensive area and you may not get the epic views and quaint pubs that characterise these locations. However, you will get more for your money.

Try properties for sale in Whitby for instance. Here, the average house price is £211,484. In Grange-over-Sands (Cumbria) the figure stands at £210,445.

Least Expensive Seaside Towns in England and Wales

According to the research conducted by Halifax, all ten least expensive seaside towns are situated in the north of England.

Newbiggin-by-the-Sea in Northumberland was identified as the least expensive of all the seaside towns in England and Wales with an average house price of £75,063. In Blackpool, the average house price currently stands at £104,747.

Sources: Property Wire, the Halifax.

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