According to a report by Halifax, if last year’s coastal property prices are anything to go by, our love affair with the seaside is as strong as ever.
In fact, we seem to have a particular preference for the south coast of Britain which is home to not only the most expensive seaside town but also the place which has experienced the greatest rise in prices in the last decade.
Halifax’s analysis of official data showed Sandbanks in Dorset was Britain’s most expensive seaside town in 2021 with average prices of £929,187. This was up 10% on 2020.
Meanwhile Salcombe in Devon, 2020’s most expensive location, was in second place with an average price of £912,599.
Overall, the South West of England dominates the Top 10 most expensive seaside towns list with places such as Padstow in Cornwall and Kingsbridge in Devon appearing in the list.
Over on the South East coast, Margate, Kent, saw the greatest 10-year rise, up 98% to £282,734, according to Halifax.
Meanwhile, last year’s cheapest seaside town, Millport in Scotland, saw the greatest annual price increase, up 53%.
Russell Galley, managing director of Halifax, said: “Our ongoing love affair with living by the sea shows few signs of abating.
“Homes on the coast have long attracted a premium price, and this was no different in 2021, with the move towards working from home being an ongoing influence is where people choose to live.”
What’s the average prices for a home by the coast?
The average seaside home cost £287,087 in 2021, up 8% on the previous year.
Galley added: “Whether it’s a lifestyle sought, the scenery or the sea air, when it comes to buying homes; we really do love to be beside the seaside.
“The biggest beneficiary of that desire last year was Millport on the Scottish island of Great Cumbrae, and over the last 5 years it was Port Bannatyne on the Isle of Bute.
“The seaside towns that attract the highest prices overall are dominated by locations across the south coast, with Sandbanks in Dorset taking the title of most expensive seaside town from last year’s winner, Salcombe in Devon. Both towns have average house prices of over £900,000.”
What are the cheapest seaside towns?
According to the analysis, Campbeltown in Scotland is the cheapest seaside town with the average property here coming in at £91,201 in 2021.
It was followed by Girvan in Scotland, with an average house prices of £101,676 and Greenock, also in Scotland, where a typical home went for £103,496 in 2021.
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