We'd all like to be beside the seaside

We'd all like to be beside the seaside




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Compared to a decade ago, the cost of owning a home by the seaside has more than doubled, according to the latest research.

House prices in seaside towns in England and Wales have risen by a staggering 128 per cent since 2001, with 70 per cent of the towns having experienced a greater increase in house prices than the country as a whole, according to Halifax.

The annual Halifax Seaside Town Review, which monitors house price fluctuations in 97 seaside towns, is based on data from the Land Registry from February 2001 - February 2011.

Its results showed that the most substantial increase was seen in the Cornwall town of Wadebridge, where the average price jumped by almost 270 per cent, from £100,000 to £370,902. Maryport, Cumbria, also experienced significant increases in home values, with average prices rising 192 per cent, from £40,932 to £119604.

All in all, across the nation, the towns who experienced some of the biggest price rises were based in Northern England and Wales. These towns included Whitehaven in Cumbria (172 per cent); Caernarfon (171 per cent); Pwllheli (169 per cent).

However, despite these Northern towns experiencing significant jumps, the North-South divide was as strong in the seaside housing sector as in the rest of the market.

All ten of the most expensive seaside resorts are on the south coast, the most expensive being Sandbanks in Dorset, where average prices stand at around £530,000. Several seaside towns in Cornwall also boast among the highest prices among the group.

Nitesh Patel, Housing Economist at The Halifax, said: "Seaside towns have always been popular places to live, but they have perhaps become even more so in recent years. This is certainly true if we take house prices as an indicator of desirability. Over the past decade, the average house price in seaside towns has risen at a faster rate than for all properties in England and Wales generally.

“The 270% increase in Wadebridge in Cornwall is notable, but prices have seen big rises in coastal towns across northern England and Wales too."

Patel added: "Seaside towns have a distinct advantage over urban areas in offering that all-important sea view, and they typically have a high quality of life and a healthy environment. There is a romance associated with living by the sea and this is evident in the high house prices seen in many of these areas."

 

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