Friday, 23 August 2019

Why being beside the seaside will cost you

Why being beside the seaside will cost you

IT’S the time of year when Brits start thinking about heading to the coast for the day — or even moving there to live, writes Matthew Wilson.

With that in mind, the Halifax has once again compiled its annual Seaside Town Review, which tracks house price movements in 191 seaside towns across Great Britain.

The report is based on house price data from the Land Registry and Registers of Scotland.

For the fourth year running, Sandbanks in Poole — home to the likes of I’m A Celebrity winner Harry Redknapp — remains Britain’s most expensive seaside town.

A home in this sought-after coastal location will set you back an average of £785,426 — up £161,944 or 26 per cent in the past year.

The second most expensive seaside town is Aldeburgh, which is also the only seaside town in the top 10 to have seen a dip in house prices over the last year — by an average of £22,773, to £526,064.

This is followed by Lymington in Hampshire with an average house price of £502,253 and Padstow in Cornwall (£482,015).

Since 2009, the average house price in Britain’s seaside towns has risen by 29 per cent — from an average of £185,428 in 2009 to £239,138 in 2019.

This equates to an average increase of more than £5,000 a year.

The South East remains “shore” of itself, with the largest growth in seaside town prices.

The majority of the top 20 seaside towns with the biggest house price growth, over the last 10 years are dotted along the South East coast.

Average house prices in Southend-on-Sea in Essex have risen by 73 per cent (£311,718) followed by Shoreham-by-Sea in West Sussex (69 per cent) and Whitstable and Herne Bay in Kent (both 63 per cent).

The only seaside towns in the top 20 outside the South East are Lewick in the Shetlands (62 per cent), Wadebridge in Cornwall (56 per cent), Brancaster in Norfolk (49 per cent) and Aldeburgh in Suffolk (46 per cent).

Of the 10 least expensive seaside towns, nine are in Scotland. Port Bannatyne is the most affordable town with an average price of £86,830, closely followed by Campbeltown (£87,651).

England’s least expensive seaside town is Newbiggin by the Sea in Northumberland, with an average house price of £88,844.

Halifax managing director Russell Galley said: “Seaside towns are highly popular places to live, offering sought-after scenery, lifestyle and good weather.

“Being by the seaside does come at a price, with the overall marked increase in house prices reflecting the demand for rooms with a sea view.

“The South East coast continues to be home to the most expensive seaside towns in the country, while many of the least expensive are in the north, particularly in Scotland.

“Despite a clear north-south divide in property prices among seaside towns, the continuing price growth in many northern seaside towns over the years suggests the popularity of coastal living isn’t exclusive to the south.”

Property

Looking for a job?