A new study carried out by Halifax has found that properties prices in seaside towns have increased faster than inland properties.
Many people are choosing to move to seaside towns as the quality of life is better compared to other towns around England and Wales.
Prices have increased by 97 per cent over the past ten years which was a greater rise compared to houses in England and Wales. Seaham in County Durham, known for its dramatic cliff top coastline had the biggest increase in price by 183 per cent resulting in a typical house price of £109,000.
The second and third areas which have also seen an increase were the Cornish tourist hotspots of Wadebridge and Padstow. Wadebridge increased by 173 per cent and Padstow by 171 per cent.
It comes as no surprise that seaside towns in the south of England are the most expensive with Salcombe in Devon costing on average £529,000 for a typical home. For those looking outside of the Southern regions the most expensive properties near a seaside down are Mumbles in Wales where properties cost an average of £240,899 and Whitby in Yorkshire costing £211,484. The prices show a substantial difference if people choose to live in the Southern area with some properties being almost double in price.
The cheapest properties in seaside towns were revealed in the study as Newbiggin-by-the-sea in Northumberland for £75,063 and Withernsea in Yorkshire and the Humber for £92,356.
Nitesh Patel, housing economist at Halifax, said: “Seaside towns are still very popular places to live; they offer a unique lifestyle that for many can't be matched elsewhere, with that all-important sea view, together with a typically high quality of life and a healthy environment.
“Over half of the seaside towns in this survey have seen house price growth ahead of the whole of Scotland since 2007, with most of the large increases coming in towns on the north east coast.”
© Copyright Autonet Insurance
By Amanda Bainbridge