A recent study conducted by Halifax reveals the affordability challenges of investing in coastal areas known for their popular holiday destinations.
According to the survey, Sandbanks in Dorset claims the top spot as Britain’s most expensive seaside town, with average prices reaching £929,187—an increase of 10% since 2020. Following closely is Salcombe in Devon, which held the title in 2020, with an average price of £912,599.
The Top 10 list of priciest seaside towns is dominated by locations in the South West of England.
On average, a seaside home in the UK costs £287,087, marking an eight percent increase.
Millport in Scotland, the least expensive seaside town last year, experienced the highest annual price surge, rising by 53 percent. Port Bannatyne in Scotland witnessed the greatest price growth over the past five years, soaring by 56 percent to £111,717.
Over the span of a decade, Margate in Kent demonstrated the most substantial increase, with prices skyrocketing by 98 percent to £282,734.
According to Russell Galley, the managing director of Halifax, our enduring attraction to coastal living remains strong. Properties situated by the sea have always commanded premium prices, and this trend continued in 2021. The ongoing shift towards remote work has also played a role in influencing people’s choices of where to reside.
Whether it’s the desired lifestyle, the picturesque scenery, or the refreshing sea breeze, it seems that living by the seaside holds a special appeal when it comes to purchasing homes.
The highest-priced seaside towns are predominantly located along the south coast, with Sandbanks in Dorset surpassing last year’s winner, Salcombe in Devon, to claim the title of the most expensive seaside town. Both towns boast average house prices exceeding £900,000.