The average house price in seaside towns rose by 42% over the past decade, to £196,826, according to recent research from Halifax. In cash terms this is equivalent to an increase of close to £500 per month since 2004.
The ten most expensive seaside towns are all in the south, with eight in the South West. Salcombe in Devon (£615,344), which is in an area of outstanding natural beauty, and Sandbanks in Dorset (£574,089) are the top two most expensive seaside towns to buy in.
Five seaside towns in Scotland, all on the Aberdeenshire coast, have recorded at least a doubling in house prices since 2004. Fraserburgh has experienced the biggest rise with a 141% increase from an average price of £53,641 in 2004 to £129,325 in 2014. Cove Bay (119%), Peterhead (118%), Inverbervie (114%) and Stonehaven (101%) have seen the next biggest gains.
With the average house price in a seaside town now standing at £196,826, this means that buying beside the seaside is still cheaper when compared to the average house price across Great Britain (£239,518).
Finding a bargain is likely to be easier the further north you go, where average prices for the top ten least expensive seaside towns are all below £95,000. Newbiggin by the Sea (£83,769) in the North, and Port Bannatyne (£85,605) and Girvan (£85,868) in Scotland are the three least expensive seaside towns to buy in.
"Living near the seaside remains an achievable dream for many,” commented Craig McKinlay, Mortgage Director, Halifax. “Even in the places experiencing the biggest house prices rises in the past ten years, four are still substantially below the UK average. Places like Workington in the North, and Montrose, Peterhead and Fraserburgh in Scotland have experienced exceptional growth but on average houses cost below £150,000."
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