Seaside properties on the British coast have seen a rise in their average prices by 25% over the last ten years, according to a new report published by the Halifax building society.
In 2007, the average price for a property in a seaside town was £181,060, but that figure has now risen to £226,916 in 2017. The significant increase in average house prices around the British coastline appears to be fuelled by people’s desire for scenic views and improved life style, possibly confirming that people do indeed like to be beside the seaside.
Most Valuable Seaside Properties Are on England’s Southern Coast
Nine out of the top ten most expensive seaside towns to buy property in were located on the southern coast of England. For the second year in a row, the most expensive coastal town to purchase property in was Sandbanks in Poole, Dorset, which currently has an average house price of £664,051. The second most expensive seaside town is Salcombe in the South Hams district of Devon, where the average price has reached £617,743. Third place on the most expensive list went to Aldeburgh, Suffolk, in the East of England, where the average house price is £526,689 and the most expensive seaside town not on the south coast.
Interestingly, the largest house price growth over the last decade has actually been claimed by Fraserburgh which is on the north-eastern coast of Scotland. The Aberdeenshire town has a population somewhere between 12,000 and 13,000 and has seen the average house price almost double over the past decade.
Seaside House Prices Reflecting Demand
The Housing Economist at the Halifax, Martin Ellis, spoke about why properties on the coast are doing so well at the moment. Mr Ellis said, “Seaside towns are extremely popular places to live, offering sought after views and desirable weather.”
He added, “Being by the sea side does come at a price with the marked increase in house prices reflecting the demand. Over the past decade, house prices in the South East, especially coastal towns within commutable distance to London, have shown strong growth and have become some of Britain’s most expensive seaside towns. However, the strongest performing coastal towns in terms of growth have been in Scotland.”
Other Scottish seaside towns seeing huge growth include North Berwick, with average house prices there now at £314,435. The next expensive is St. Andrews where house prices are currently hovering just over the £300,000 mark. The most expensive seaside town in Wales is The Mumbles where the average property price is now £284,804.
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