04 April 2023 , 23:01
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Salcombe in Devon is now the most expensive seaside location to buy a property, new analysis has revealed.
With average house prices in the coastal town hitting just over £1.2 million, it has replaced Sandbanks in Dorset as the priciest seaside spot.
At the other end of the spectrum, Greenock in Inverclyde, Scotland, was found to have the lowest average house price of the locations analysed, at £97,608.
Scotland dominated the top 10 cheapest location with Newbiggin-by-the-Sea, Northumberland, being the only area on the list that wasn’t in the country.
Halifax Building Society looked at house price data for the 12 months to December 2022 to come up with the list, looking at 209 coastal locations across the UK.
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Sandbanks in Dorset has moved down to second spot (Getty Images/iStockphoto)Their research also indicated that generally the cost of coastal homes around the country have increased on average by 56% between 2012 and 2022, from £195,509 to £304,460.
Many of the most expensive seaside locations were found along the coastline of southern England, in areas popular with second home owners.
Back in 2012, the average house price in Salcombe, at £558,538, was less than half the typical 2022 value.
Other locations where house prices have at least doubled over the past decade include Margate and Westgate-on-Sea in Kent.
Greenock was found to have the lowest average house price (Getty Images)By the end of 2022, a home in Margate cost 109% more, on average, than it did in 2012, rising from £146,276 to £305,191, and the average cost of a property in Westgate-on-Sea doubled, from £154,686 to £308,764.
Seaside locations became hot property during the early months of the coronavirus pandemic, when many people left cities for coastal towns and rural areas.
Kim Kinnaird, mortgages director at Halifax, said: “For many, owning a home by the sea is an aspiration, with coastal living offering beach walks, clean air and other health benefits
“Second home ownership undoubtedly plays a role in driving up prices in the most desirable locations.”
Top 10 most expensive locations to buy a seaside town
Figures used below are average house prices.
- Salcombe, Devon, £1,244,025
- Sandbanks, Dorset, £952,692
- Aldeburgh, Suffolk, £794,492
- Padstow, Cornwall, £790,847
- Lymington, Hampshire, £663,474
- Yarmouth, Isle of Wight, £611,816
- Dartmouth, Devon, £567,985
- Kingsbridge, Devon, £556,659
- Wadebridge, Cornwall, £548,669
- Budleigh Salterton, Devon, £537,681
Top 10 least expensive locations to buy a seaside home
Figures used below are average house prices.
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- Greenock, Inverclyde, £97,608
- Girvan, Ayrshire, £105,410
- Millport, Ayrshire, £111,381
- Invergordon, Ross and Cromarty, £114,962
- Saltcoats, Ayrshire, £116,414
- Newbiggin-by-the-Sea, Northumberland, £117,663
- Stranraer, Dumfries and Galloway, £117,884
- Wick, Caithness, £124,857
- Thurso, Caithness, £126,716
- Campbeltown, Argyll and Bute, £129,348