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Buying a property in Britain’s most expensive seaside town will set you back nearly £627,000 but coastal homes can be snapped up for less than £100,000 in some locations.
Sandbanks in Poole topped the table for being the most expensive seaside town in which to purchase a property for the third year running.
A typical home in the town costs £626,553, despite prices falling by £37,494 during the past year, according to Halifax.
But for people who dream of living by the sea, there are coastal homes available for considerably less.
Properties in Millport, on the island of Great Cumbrae in the Firth of Clyde, change hands for around £81,233, while homes in Girvan in South Ayrshire and Saltcoats in North Ayrshire cost £91,459 and £92,891 respectively.
The cheapest place to buy a home in England for those who want beachside living is Newbiggin by the Sea in Northumberland.
Why is this happening?
Properties in seaside towns typically command a premium to those in the surrounding area due to their desirable location.
But like the rest of the housing market, there is a north-south divide with homes in southern regions more expensive than those in northern ones.
Russell Galley, Halifax managing director, said: “It’s no surprise that the south coast continues to be home to the most expensive seaside towns in the country, including those with the greatest growth in house prices over the last 10 years.
“What we can see though is that the two most desirable locations have in fact seen prices drop over the last year.
“This fall is likely to have been impacted by the higher costs of stamp duty for these more expensive homes.”
Above: This three-bedroom flat on the beach front at Sandbanks will set you back nearly £2.5m, but it does come with access to a luxurious swimming pool, sauna, steam room and gym.
Who does it affect?
All of the top 10 most expensive seaside towns are in southern regions, with seven in the south west, two in the south east and one in East Anglia.
By contrast nine out of 10 of the cheapest coastal location are in Scotland, with one in the north east.
The vast majority of the top 20 seaside towns that have seen the strongest price growth in the past 10 years are in the south east, with Burnham on Crouch in Essex and Whitstable in Kent seeing the biggest gains at 57% each.
What’s the background?
While living in Britain’s most expensive seaside town may sound like a dream come true, it does not appear to guarantee happiness.
Residents of Sandbanks had an average happiness score of just 7.6 out of 10, as did those in Salcombe.
But those in Newbiggin by the Sea, England’s cheapest seaside town appeared to be happier with a score of 8.1.
Those in expensive seaside towns did appear to enjoy more sunshine, at an average of between 31 and 33 hours per week in all of the top 10 towns, compared with only 21 to 26 hours a week in cheaper coastal locations.
|Seaside Town||Region||Average House Price 2018a (£)1||Happiness2||Sunshine hours/ week3|
|East Wittering||South East||414,005||7.9||33|
|Lyme Regis||South West||397,584||7.7||32|
|Budleigh Salterton||South West||396,034||7.8||31|
1E&W LR House Price Data 12mths to Jan 182ONS Personal Well-Being Survey: April 2016-March 20173Met Office Average: 2009/2013
The top 10 least expensive seaside towns
|Seaside Town||Region||Average House Price (£) 20071/ 20081 (£)2||Happiness3||Sunshine hours/ week4|
|Newbiggin by the Sea||North||94,385||8.1||26|
1Scotland Full year ROS for 2007 and 20172E&W LR House Price Data 12mths to Jan 183ONS Personal Well-Being Survey: April 2016-March 20174Met Office Average: 2009/2013
Top 3 takeaways
- Coastal homes can be snapped up for less than £100,000 in some locations
- Sandbanks in Poole is the most expensive seaside town in which to purchase a property at £626,553
- Properties in Millport, on the island of Great Cumbrae in the Firth of Clyde, are the cheapest at £81,233
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