GetAgent: Seaside property prices 14% higher than national average
The average price of a property near a beach is £264,528, 14% higher than the national average of £232,401, according to analysis of prices in 100 seaside towns across England, Wales and Scotland.
With an average property price of £619,431, the Sandbanks in Poole is the highest-priced seaside area in the UK, 167% above the UK average.
Salcombe (£602,667), Aldeburgh (£507,143), Lymington (£482,071), Dartmouth (£458,051), Southwold (£447,855), Padstow (£433,812), Lyme Regis (£425,238), Bigbury on Sea (£416,965) and Hayling Island (£400,678) also rank within the top 10 least for high priced seaside properties.
Scotland accounts for 15 of the 20 and eight of the top 10 most affordable seaside towns.
Campbeltown is the most affordable, with an average house price of £71,500, 69% lower than the UK average.
Blackpool is the most affordable seaside area within England and Wales, with an average house price of £93,104, along with Newbiggin by the Sea (£99,017).
Colby Short, founder and CEO of GetAgent.co.uk, said: “As a nation, we love to be beside the seaside, as the recent hot weather has demonstrated despite lockdown restrictions remaining in place.
“However, on average, the cost of living there will set you back above and beyond the wider UK average.
“It’s also clear that the house price ripple effect isn’t just confined to the outer boroughs of London and it’s clear that as a number of seaside hotspots have increased in value, smaller neighbouring towns have also seen the benefit of this overspill in demand.
“If you can’t afford to live in Padstow for example, opting for nearby Wadebridge provides the next best option and while it isn’t cheap in itself, it still provides a serious property price discount in the region of [£50,000].
“Of course, this heightened demand for these ‘next best’ options will often cause prices to increase and so the downside to this is a reduction in affordability in the long-term.
“That said, this process can come full circle and areas such as the Sandbanks that are extremely sought after at the top end of the ladder have since seen demand fall off and prices fall due to an over-inflated market.
“While these areas will always carry an air of prestige and attract a certain type of buyer, in tougher market conditions they are often the first to see the largest corrections in price as demand falls off and asking prices suffer.”