Which British seaside holiday resort has the highest house prices?
The usual answer people give is Sandbanks near Poole, regularly dubbed ‘millionaires row’. But new research shows Sandbanks has dropped to second place, with Salcombe in Devon now the most expensive seaside town.
According to the Halifax house prices in seaside towns have risen by an average of 42% since 2004; equivalent to £500 per month. The average seaside home in Great Britain is now worth £196,826, well above the national average.
The research shows that the 10 most expensive seaside towns are:
- Salcombe, South West, £615,344
- Sandbanks, South West, £574,089
- Aldeburgh, East Anglia, £446,576
- Padstow, South West, £381,812
- Dartmouth, South West, £373,173
- Wadebridge, South West, £371,670
- Lymington, South East, £359,802
- Budleigh Salterton, South West, £356,172
- Mawes, South West, £329,998
- Lyme Regis, South West, £326,813
Commenting on the survey, Craig McKinlay, Mortgage Director, Halifax, said: “Seaside towns provide a unique lifestyle opportunity and remain popular places for people to live, while also attracting those looking for second homes or holiday properties which can place additional upward pressure on house prices.”
He continued: “For once, oil and water have mixed – with Aberdeenshire at the heart of Scotland’s vigorous energy industry, it’s little wonder that seaside houses have increased so substantially. In fact, Aldeburgh in East Anglia (95%), Wadebridge in the South West (91%) and Workington in the North (91%) are the only non-Scottish entrants in the top ten places experiencing seaside house price growth.” (Source: Halifax)
Pick up a seaside bargain?
Despite the average 42% house price rise in seaside towns over the past 10 years, it still might be possible to pick up a bargain.
The Halifax survey identified the top 10 least expensive seaside towns:
- Newbiggin by the Sea, North, £83,760
- Port Bannatyne, Scotland, £85,605
- Girvan, Scotland, £85,868
- Wick, Scotland, £89,582
- Ardrossan, Scotland, £89,974
- Irvine, Scotland, £90,428
- Stranraer, Scotland, £90,552
- Campbeltown, Scotland, £91,276
- Saltcoats, Scotland, £92,205
- Withernsea, Yorkshire and the Humber, £92,251
Craig McKinley again: “Living near the seaside remains an achievable dream for many. 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.”