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House prices in seaside towns have risen faster than the national average over the last decade, a study has found.
Average prices in these towns have soared by 97 per cent over the past 10 years, a bigger rise than the typical 95 per cent increase seen across England and Wales, Halifax said.
Since 2002, prices have more than doubled in around half of seaside towns in England and Wales, according to the findings.
In demand: Yachts moored in Padstow, the Cornish town where the seaside location has helped house prices leap 171 per cent in a decade
Seaham, in County Durham, with its dramatic clifftop coastline, saw the biggest jump, with a 183 per cent increase taking typical house prices to nearly £109,000 by 2012.
RUSH TO THE COAST
Seaside towns which have seen the biggest house price rises in the last 10 years, with the typical price now and percentage increase:
- Seaham, North, £108,742, 183 per cent
- Wadebridge, South West, £348,986, 173 per cent
- Padstow, South West, £382,806, 171 per cent
- Porthmadog, Wales, £175,453, 166 per cent
- Perranporth, South West, £264,441, 157 per cent
- Pwllheli, Wales, £203,381, 154 per cent
- Robin Hood’s Bay, Yorkshire and the Humber, £211,484, 151 per cent
- Whitehaven, North, £127,662, 148 per cent
- Cardigan, Wales, £175,058, 148 per cent
- Cleethorpes, Yorkshire and the Humber, £119,460, 141 per cent
The Cornish tourist hotspots of Wadebridge and Padstow, made up the top three seaside towns with the steepest rises.
Prices have risen by 173 per cent in the market town of Wadebridge and in Padstow, which has seen its profile rise due to its associations with TV chef and restaurateur Rick Stein, prices have gone up by 171 per cent over the last 10 years.
Somewhat unsurprisingly, all of the top ten most expensive seaside towns are in the South and the ten cheapest are in the North.
Salcombe in Devon was named as the most expensive, with typical homes there costing a cool £529,000 on average.
Around seven homes in Newbiggin-by-the-Sea in Northumberland, the least expensive seaside town, could be bought for this sum.
Martin Ellis, housing economist at Halifax said: 'Seaside living often comes with a price. 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.
'But this is not always the case and good value properties can be found in many seaside towns in the South East and Yorkshire and the Humber in particular.'
Prime location: The clifftop coastline of Seaham, County Durham, has seen house prices soar by 183 per cent in ten years
Seaside life on the cheap: Houses in Newbiggin-by-the-Sea, Northumberland, go for an average of about £75,000
Outside Southern England, the most expensive places beside the seaside are Mumbles in Wales, where properties cost an average of £240,899, and Whitby in Yorkshire, where house prices stand at around £211,484.
Prices in seaside towns in Wales, East Anglia and the South West tend to be higher than those in their counties generally, but in Yorkshire and the Humber and the South East seaside living tends to be cheaper than the county average.
Halifax used Land Registry figures to compile the study.
MOST EXPENSIVE
Includes seaside towns in England and Wales and the average house price:
- Salcombe, South West, £528,920
- Sandbanks, South West, £525,927
- Aldeburgh, East Anglia, £418,415
- Padstow, South West, £382,806
- Dartmouth, South West, £381,788
- Lyme Regis, South West, £373,841
- Lymington, South East, £350,287
- Wadebridge, South West, £348,986
- Budleigh Salterton, South West, £348,514
- Bigbury on Sea, South West, £319,557
LEAST EXPENSIVE
Includes seaside towns in England and Wales and the average house price:
- Newbiggin-by-the-Sea, North, £75,063
- Withernsea, Yorkshire and the Humber, £92,356
- Fleetwood, North West, £101,457
- Blyth, North,
£102,828 - Blackpool, North West, £104,747
- Maryport, North,
£107,434 - Seaham, North,
£108,742 - Hartlepool, North, £110,273
- South Shields, North, £111,457
- Workington, North, £113,962
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What's this, some propaganda from the vested interest parasites? House prices are at long last collapsing, so they will churn up this stuff to try and talk the market back up. It's over, give up. Of course these places are expensive, they always have been. A lot of these buyers are ex public sector, retiring early from their well paid jobs and even better pensions. Ironic that the private sector who pay for all this cannot afford to live in these places.
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Sutton on Sea is a fantastic place to live, I love it here, reasonable house prices too.
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Sutton on Sea is a fantastic place to live, reasonable house prices too.
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All these high value places are turning into retirement communities. I wouldn't want to live there I like young people around me.
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