We Brits shore do love to live near the sea, despite house prices coasting to a new high...
What’s the latest?
The cost of living in a seaside town has jumped by 25% during the past decade – the equivalent rise of £382 a month.
Average house prices in Britain’s coastal towns have increased from £181,060 in 2007 to £226,916 now, according to Halifax.
But there is a marked north-south divide in property values, with nine of the 10 most expensive seaside towns on the southern coast of England.
Why is this happening?
Martin Ellis, Halifax housing economist, said: “Seaside towns are extremely popular places to live, offering sought-after views and desirable weather.”
Homeowners are prepared to pay for the lifestyle benefits that come with living by the sea, sending house prices in these locations higher.
Many coastal towns in the south east are also within commutable distance of London, which has also contributed to rising values.
Who does it affect?
If you want to live in a coastal town in the south, you will need deep pockets.
But there are bargains to be found north of the border, with nine out of the 10 least expensive seaside towns located in Scotland.
Beach-lovers on a budget should head to Port Bannatyne on the Isle of Bute (as pictured below), where the average home costs just £71,550.
Sounds interesting. What’s the background?
Despite having cheaper properties than much of the rest of the country, Scottish seaside towns have actually seen the strongest house price growth during the past 10 years.
Property values in Fraserburgh in Aberdeenshire have soared by 95% since 2006, to stand at £136,889 now.
The cost of homes in Lerwick in the Shetlands have risen by 77%, while in Inverbervie they are up 62%.
In England, homes in Shoreham by Sea have been the biggest risers, with prices up by 70%, followed by those in Aldeburgh in East Anglia at 67%.
Aldeburgh leads the field in terms of seaside towns that have seen the biggest cash jump in house prices, with property values soaring by a massive £211,048 in the past 10 years or £1,759 per month, to stand at £526,689 now.
Properties in Sandbanks have also seen strong gains, rising by £162,852 or £1,357 a month.
Top 3 takeaways
- The cost of living in a seaside town has jumped by 25% over 10 years – the equivalent of £382 a month.
- Average house prices in Britain’s coastal towns have risen from £181,060 in 2007 to £226,916 now.
- Nine of the 10 most expensive seaside towns are on the southern coast of England.
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