Salcombe in Devon is now the most expensive seaside location in Britain to buy a home, according to tHalifax.
The town has swapped places with Sandbanks in Dorset, last year’s priciest spot, with an average price tag of £1,244,025.
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 of England 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.
The cost of coastal homes in Britain more than doubled (56%) between 2012 and 2022. Sellers in Salcombe made the greatest gains, as average prices increased by 123% (£558,538 vs £1,244,025) over the last decade. At the end of 2022, homes in Margate cost 109% more, on average, than they did in 2012 (£146,276 vs £305,191) and properties in Westgate-on-Sea are up 100% over the past 10 years (£154,686 vs £308,764).
When looking at growth in 2022 compared to the prior year, house prices in Yarmouth on the Isle of Wight grew the most – up 53% on average – to £611,816 (from £399,206 in 2021). House buyers in Aldeburgh, Suffolk need an average £794,492 (up 47% in 2022, from £539,882 in 2021) and those looking for a property in Campbeltown saw prices increase by 42% during last year, to £129,348 (from £91,201 in 2021).
Kim Kinnaird, mortgages director, 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 £1.2 million 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.
“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 socio-economic 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.”