Should you invest in a seaside property?
Seaham in County Durham 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 in Cornwall experienced 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.
There is a definite North-South divide too – all 10 of the most expensive seaside towns are on the south coast with eight in the South West. Salcombe in Devon (£528,920) and Sandbanks in Dorset (£525,927) have the highest average prices. But not all seaside towns boast high average prices. 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 also features in the list 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.”
The research found:
• 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 (£240,899), Whitby in Yorkshire (£211,484), Grange over Sands in Cumbria (£210,445) and Sandsend in Yorkshire (£206,018).
• Withernsea in Yorkshire and the Humber has an average price below £100,000 (£92,356). Rhyl (£117,144) is the least expensive Welsh seaside town. Lowestoft (£137,803) has the lowest average house price of seaside towns in southern England.
• The majority of seaside towns in Wales (69%), East Anglia (60%) and the South West (57%) have an average price that is higher than the average for their county. In contrast, few seaside towns in Yorkshire and the Humber (13%) and the South East (17%) have an average price above their county’s average.
There are certainly plenty of attractive coastal properties on the market at the moment. Pictured top is Winton House, Normans Bay, Pevensey, East Sussex on with King & Chasemore at £750,000. It’s a four bedroom detached beach fronted house near Eastbourne with a 100ft landscaped front garden area, and to the rear lower and upper decked terraced areas overlooking and leading onto the beach.
And here is another four bedroom detached frontline coastal home with panoramic sea and coastline views over Duporth Beach, Carlyon Bay, Gribben Headland, Polkerris and the whole of St Austell Bay. In one corner of the garden, shielded by wooden panel fencing, is a wooden gate that opens onto the coastal footpath providing access to Porthpean and Duporth beaches and the sea below. On with Stratton Creber for £925,000.
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