Like to be beside the seaside?

The most and least expensive seaside locations to buy a home, reports Vicky Shaw

The coastal town of Salcombe in Devon was Britain’s priciest seaside location to buy a home on average in 2022, analysis has suggested.

Located within an area of outstanding natural beauty, Salcombe (pictured, right), swapped places with Sandbanks in Dorset, which was previously named by Halifax as the priciest seaside spot.

The bank analysed house price data for the 12 months to December 2022 to make the findings, looking at 209 coastal locations in total.

It found the average house price in Salcombe last year was just over £1.2 million.

As well as attracting ramblers, Salcombe’s estuary location also makes it a popular place for activities on the water.

At the other end of the spectrum, Greenock in Inverclyde, Scotland, was found to have the lowest average house price of the seaside locations analysed, at £97,608.

Scotland dominated Halifax’s top 10 list of the least expensive seaside locations.

Halifax’sstudyindicatedthat,in general, the cost of coastal homes across Britain has increased by 56%between2012and2022,from £195,509 to £304,460.

During the early months of the coronavirus pandemic, coastal and rural locations were particularly popular as house hunters embarked on a “race for space”.

Many of the most expensive seaside locations were found along the coastline of southern England, in areas popular with second home owners.

Backin2012,theaveragehouse price in Salcombe, at £558,538, waslessthanhalfthetypical2022 value.

Other locations where house prices have at least doubled over the past decade include Margate and Westgate-on-sea in Kent.

By the end of 2022, a home in Margate cost 109% more, on average,thanitdidin2012,rising from £146,276 to £305,191, and the average cost of a property in Westgate-on-sea doubled, from £154,686 to £308,764.

Kim Kinnaird, mortgages director at Halifax, said: “For many,owningahomebytheseais an aspiration, with coastal living offering beach walks, clean air and other health benefits.

“But this comes at a price in manylocationsandbritain’smost expensiveseasidespot,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.”

Halifax used Land Registry datacoveringenglandandwales, in addition to figures from the Registers of Scotland, to make the findings.