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Porthmadog leads seaside house price rise

Alex Johnson

3a713bef8527c63642a928c1b7c4054fa0262934 300x200 Porthmadog leads seaside house price riseThe average house price in seaside towns has risen by 63% over the past 10 years and is now £197,938, according to new figures from Halifax. This means it is is 17% more affordable compared to the average house price across England and Wales (£238,091)2.

Porthmadog in Wales experienced the biggest rise with the average house price going up more than 130% from £69,479 to £162,638 in 2013. It was followed by Seaham (128%) and Newbiggin-by-the-Sea (120%) both in the North East where the average prices are £104,840 and £81,442 respectively.

Eight of the ten seaside towns recording the biggest house price gains are outside southern England. The other two top performers are Mawes (£369,224) and Perranporth (£262,113) in the South West.

“Seaside towns are highly popular places to live,” said Martin Ellis, housing economist at Halifax. “They offer a unique lifestyle with a typically high quality of life and a healthy environment and as a result, living by the coast can come at a price.”

Despite the outperformance by northern seaside towns generally over the past ten years, all ten of the most expensive seaside towns in England and Wales are on the south coast. Salcombe in Devon (£570,378) and Sandbanks in Dorset (£552,242) have the highest average prices, retaining their top positions from the 2012 rankings.

The most expensive seaside towns outside southern England are the Mumbles in south Wales (£266,891), Grange over Sands in Cumbria (£220,080), Tenby in Wales (£205,342) and Alnmouth in Northumberland (£203,846).

Southern seaside towns have fared better during the past five years. All top ten performers since 2008 are in southern England led by Aldeburgh in Suffolk with a 17% increase.

The majority of seaside towns in Wales (63%), East Anglia (60%) and the South West (57%) have an average price that is higher than the average for their county. In contrast, there are no seaside towns in Yorkshire and the Humber and the East Midlands with an average price above their county’s average.

Not all seaside towns boast high average prices and all ten least expensive seaside towns are in northern England. Three towns have an average price below £100,000 – Newbiggin-by-the-Sea in Northumberland (£81,442), Withernsea in Yorkshire & the Humber (£93,671) and Fleetwood in Lancashire (£99,210).

Blackpool features in the list of the ten least expensive seaside towns with an average house price of £101,715 while Rhyl (£116,874) is the least expensive Welsh seaside town. Lowestoft (£138,687) has the lowest average house price of seaside towns in southern England.

“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,” added Ellis. “This is not always the case though and good value properties can be found in many seaside towns, particularly in the South East and Yorkshire and the Humber.”

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