Yahoo Finance Revealed: UK's most expensive place to buy a seaside home
The UK’s most expensive seaside homes are in the picturesque town of Salcombe in Devon, with an average price tag of £1.2m.
Salcombe swapped places with Sandbanks in Dorset, which was previously named by Halifax as the priciest seaside spot.
Homes in Sandbanks cost an average £952,692, with Aldeburgh making up the top three most expensive seaside areas to buy a home.
The Suffolk spot will set buyers back £794,492, on average, and is the only place outside of the South West or South East to appear in the top 10.
The lowest average price for a home near the sea can be found in Greenock, Scotland, where homes cost on average £97,608.
With the exception of Newbiggin-by-the Sea, in the North East of England, nine of the 10 least expensive seaside locations are in Scotland.
Kim Kinnaird, mortgages director at Halifax, said: “For many, owning a home by the sea is an aspiration, with coastal living offering beach walks, clean air and other health benefits.
“But this comes at a price in many locations and Britain’s most expensive seaside spot, Salcombe in Devon, will set buyers back over £1.2m on average.
“When we delve deeper into the cost of Britain’s seaside homes, it’s clear that there is a broad spectrum in house prices.
“Whilst million-pound properties are abundant in the south west of England, in contrast, homes in Greenock in Scotland are valued on average at less than £100,000.
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Halifax’s study indicated that, in general, the cost of coastal homes across the UK has increased by 56% between 2012 and 2022, from £195,509 to £304,460.
Kinnaird added: “Second home ownership undoubtedly plays a role in driving up prices in the most desirable locations. While house prices in any location are driven by factors such as supply and demand and interest rates, there are also socioeconomic factors at play.
“Some of these factors are more acute in Britain’s coastal communities, and many British towns most in need of investment also sit near the shore.”
Back in 2012, the average house price in Salcombe, at £558,538, was less than half the typical 2022 value.
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Other locations where house prices have at least doubled over the past decade include Margate and Westgate-on-Sea in Kent.
By the end of 2022, a home in Margate cost 109% more, on average, than it did in 2012, rising from £146,276 to £305,191, and the average cost of a property in Westgate-on-Sea doubled, from £154,686 to £308,764.
The bank analysed house price data for the 12 months to December 2022 to make the findings, looking at 209 coastal locations in total.
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