MortgagesMay 26 2015

Halifax reveals we do like to live beside the seaside

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Halifax reveals we do like to live beside the seaside

Scottish seaside towns have seen the biggest growth in prices in the latest decade, according to the latest Halifax and Bank of Scotland data.

During the last 10 years, the average house price in seaside towns rose by 31 per cent or £49,207 – the equivalent to £410 per month – from £159,522 to £208,729, according to the latest research from Halifax.

However, there was a marked north-south divide in seaside property values, with all 10 of the most expensive seaside towns being in southern England; seven in the south west alone.

Salcombe (£672,874) in Devon and Sandbanks (£614,726) in Dorset – both in the south west – were the two most expensive seaside towns in Great Britain.

Outside the south west, the most expensive seaside towns were Aldeburgh on the Suffolk coast with an average price of £413,393, Lymington in the New Forest (£404,781) and East Wittering in West Sussex (£330,146).

Away from southern England, the most expensive seaside areas are the Scottish towns of St. Andrews (£294,586), North Berwick (£294,076) and Stonehaven (£243,741), together with the Mumbles in South Wales (£271,349).

The biggest house price increases in the average price of seaside towns over the past decade were all recorded in Scotland. Fraserburgh in Aberdeenshire recorded the largest rise, up 109 per cent from £63,540 in 2005 to £132,920 in 2015. Lerwick in the Shetland Isles and Peterhead in Aberdeenshire saw the next largest increases (both 102 per cent).

Elsewhere, the biggest increase in average prices during the last 10 years was recorded in Salcombe (69 per cent), followed by Workington in Cumbria (60 per cent).

Despite the high house price growth in many Scottish seaside towns since 2005, eight of the 10 least expensive seaside towns were located north of the border. Port Bannatyne on the Isle of Bute is the least expensive seaside town in this survey, with an average property price of £73,539.

This is almost £600,000 less than in Salcombe – Britain’s most expensive seaside town. In all, there were 13 towns in the survey with an average price of less than £100,000.

Craig McKinlay, mortgages director of Halifax, said that Seaside towns have a distinct attraction, offering that all important sea view with a typically high quality of life in a healthy environment.

“Despite a clear north-south divide in property prices among seaside towns, the rapid price growth in many Scottish seaside towns over the last 10 years suggests the popularity of coastal living has spread out across the whole country.”

emma.hughes@ft.com