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The UK’s most expensive coastal town, where homes go for £1 million

 

View over the popular Devon town of Salcombe looking across the Kingsbridge Estuary. (Photo by: Chris Harris/UCG/Universal Images Group via Getty Images)
View over the popular Devon town of Salcombe looking across the Kingsbridge Estuary. (UCG via Getty Images)

Britain's most expensive seaside town is Salcombe in Devon — with an average house price of £970,657, according to Lloyds Bank.

Salcombe overtook Sandbanks, in Dorset as the priciest in the country. Sandbanks, home to several celebrity residents including football manager Harry Redknapp, was second on the list with an average price tag of £957,739.

Padstow in Cornwall, with its renowned Seafood Restaurant by Rick Stein, came in third, with homes costing £701,979 on average.

Amanda Bryden, head of mortgages at Lloyds Bank, said: “Sea views, sandy beaches, brisk morning dips — it’s easy to see why coastal living is so desirable. Our data shows the most sought-after coastal locations in the country can attract average price tags of close to a million pounds — with in demand properties often going for much more.

“These pricier areas can result in a lack of affordable homes for first-time buyers, a problem often exacerbated by high levels of second home ownership, meaning that many who have grown up in the area may find themselves priced out of owning their own home locally.”

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The least expensive seaside location was Rothesay, Scotland, where the average house price was £101,477.

“There are more affordable places to call home by the sea, especially the further north you head. Those with a more adventurous streak may want to consider setting up home in Rothesay on the charming Isle of Bute, which will set buyers back around £100,000 on average,” Bryden added.

The average coastal home is now £293,710, some 4% lower than in 2022, but 48% higher than 10 years ago.

Read more: UK house prices hit record high in May

Costal properties in Margate in the South East and Amlwch in Wales have more than doubled in the last decade to £309,049 and £255,189 respectively.

The latest data showed Lyme Regis in Dorset and St Ives in Cornwall entering the top 10 most expensive coastal locations, with average property prices of over £500,000 in both areas.

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