We do like to be beside the seaside! How coastal homes now cost £35,000 more than those inland
- The average cost of a property in the priciest coastal area is now £570,378
- This is more than triple the average of £162,000 for an inland home
- Second home hunters have helped push up average prices from £121,237 to £197,938 in just a decade
They may boast views to die for and bracing fresh air, but the price tag on homes by the sea can be enough to make you choke, a report shows.
The average cost of a property in the priciest coastal area is now £570,378 – more than triple the average of £162,000, a survey by Halifax reveals.
Second home hunters have helped push up average prices from £121,237 to £197,938 in a decade – £35,000 more than the UK average, and a jump of more than 60 per cent.
Other towns in the top ten include Aldeburgh in Suffolk and the Cornish towns of St Mawes and Padstow – the latter made famous by Rick Stein’s seafood restaurant.
Martin Ellis of Halifax said seaside towns offer a ‘high quality of life and a healthy environment’.
‘As a result, living by the coast can come at a price,’ he added.
There are now about 305,000 second home owners in England, according to estate agent Knight Frank.
Booming business: There are now about 305,000 second home owners in England
The practice has led many locals to fear their children will be priced out of the housing market by wealthy second home buyers, many of whom live and work in London.
A spokesman for the Campaign to Protect Rural England, said: ‘These are eye-watering prices, stratospherically beyond the reach of anyone on average earnings.
‘Only the very lucky few expect to live palatially in prime real estate along beautiful coasts with heart-stopping views.
‘But we’ve now reached the point where too many people struggle to buy even a modest home.’
The ten least expensive seaside resorts are all in the North, in locations such as South Shields, Hartlepool, Blackpool and Withernsea.
The cheapest is Newbiggin-by-the-Sea, Northumberland, where a home can be bought for £81,442 – a seventh of the cost of a Salcombe property.
FJP Investment Ltd can be contacted here.