Britain’s costliest seaside city is Salcombe in Devon – with a median home value of greater than £1.2m in 2022, in line with Halifax.
Salcombe overtook Sandbanks, in Dorset, which was the priciest seaside spot in 2021.
In response to the financial institution’s evaluation, seven of the highest 10 costliest seaside spots have been in Devon and Cornwall.
The least costly seaside location was Greenock, Scotland, the place the common home value was £97,608.
The financial institution analysed home value knowledge for 209 coastal areas throughout England, Wales and Scotland within the 12 months to December 2022.
‘Fairly troublesome’
Salcombe’s foremost attraction is the picturesque estuary that kinds the city’s intensive waterfront, making it a preferred place for water actions.
Additionally it is favoured by ramblers who’re drawn to the world’s steep coastal paths.
Whereas it’s wealthy in pure magnificence, Salcombe “doesn’t operate like a standard city”, in line with South Hams District Council chief Judy Pearce.
Ms Pearce, a Conservative councillor for Salcombe and Thurlestone, stated the excessive proportion of second houses within the city “makes life fairly troublesome”.
She stated the inhabitants surges from about 2,000 to greater than 23,000 in the summertime months.
“Within the winter the city is totally lifeless,” she stated. “It is like a morgue.
“There’s no one round in any respect. The lifeblood of the city is stripped out.
Nigel Blazeby, from Salcombe RNLI, stated the city “has at all times been an costly place to stay”.
“It is a lovely place and it is in style with locals and different individuals who need come to stay right here from additional afield,” he added.
Home hunters
Most of the costliest seaside areas within the Halifax evaluation have been discovered alongside the shoreline of southern England, all areas in style with second owners.
Again in 2012 the common home value in Salcombe, at £558,538, was lower than half the everyday 2022 worth.
In response to the Halifax examine, the price of coastal houses throughout the UK elevated by 56% between 2012 and 2022, from £195,509 to £304,460.
Through the early months of the Covid pandemic, coastal and rural areas have been significantly in style as home hunters seemed for properties with extra space.
Different areas the place home costs have at the very least doubled over the previous decade embrace Margate and Westgate-on-Sea in Kent.
By the top of 2022, a house in Margate price 109% extra, on common, than it did in 2012, rising from £146,276 to £305,191.
The typical price of a property in Westgate-on-Sea doubled, from £154,686 to £308,764.
‘Broad spectrum’
Kim Kinnaird, mortgages director at Halifax, stated proudly owning a house by the ocean was an “aspiration” for a lot of.
“However this comes at a value in lots of areas and Britain’s costliest seaside spot, Salcombe in Devon, will set consumers again over £1.2m on common,” she stated.
“After we delve deeper into the price of Britain’s seaside houses it is clear that there’s a broad spectrum in home costs.”
She stated second dwelling possession “undoubtedly” performed a job in driving up home costs in fascinating areas.
“Whereas home costs in any location are pushed by elements resembling provide and demand and rates of interest, there are additionally socio-economic elements at play,” she stated.
“A few of these elements are extra acute in Britain’s coastal communities and plenty of British cities most in want of funding additionally sit close to the shore.”
Ms Pearce stated the council was “pretty restricted” in what it may do to make houses extra inexpensive in Salcombe.
She stated new builds within the space had a residency situation, there have been money incentives for owners to downsize and the council was constructing as many inexpensive houses as potential.
The authority has additionally agreed to cost second owners double council tax if laws is permitted by Parliament.
Ms Pearce stated of the measures: “What we are able to do is a drop within the ocean, and that is the issue.”
Halifax used Land Registry knowledge masking England and Wales along with figures from the Registers of Scotland for the examine
Common home costs within the 10 costliest seaside cities in Britain, in line with Halifax evaluation
1. Salcombe, Devon, South West – £1,244,025
2. Sandbanks, Dorset, South West – £952,692
3. Aldeburgh, Suffolk, East of England – £794,492
4. Padstow, Cornwall, South West – £790,847
5. Lymington, Hampshire, South East – £663,474
6. Yarmouth, Isle of Wight, South East – £611,816
7. Dartmouth, Devon, South West – £567,985
8. Kingsbridge, Devon, South West – £556,659
9. Wadebridge, Cornwall, South West – £548,669
10. Budleigh Salterton, Devon, South West – £537,681
The ten least costly seaside cities in Britain, in line with Halifax evaluation
1. Greenock, Inverclyde, Scotland – £97,608
2. Girvan, Ayrshire, Scotland – £105,410
3. Millport, Ayrshire, Scotland – £111,381
4. Invergordon, Ross and Cromarty, Scotland – £114,962
5. Saltcoats, Ayrshire, Scotland – £116,414
6. Newbiggin-by-the-Sea, Northumberland, North East – £117,663
7. Stranraer, Dumfries and Galloway, Scotland – £117,884
8. Wick, Caithness, Scotland – £124,857
9. Thurso, Caithness, Scotland – £126,716
10. Campbeltown, Argyll and Bute, Scotland – £129,34
The ten seaside cities with the largest will increase between 2012 and 2022, in line with Halifax evaluation
1. Salcombe, Devon, South West, £1,244,025 – 123%
2. Margate, Kent, South East, £305,191 -109%
3. Westgate-on-Sea, Kent, South East, £308,764 – 100%
=4. Birchington, Kent, South East, £386,040 – 98%
=4. Aldeburgh, Suffolk, East of England, £794,492 – 98%
=6. Deal, Kent, South East, £391,325 – 97%
=6. Ramsgate, Kent, South East, £307,737 – 97%
=6. Yarmouth, Isle of Wight, South East, £611,816 – 97%
9. Whitstable, Kent, South East, £483,692 – 95%
=10. Padstow, Cornwall, South West, £790,847 – 94%
=10. Burnham-On-Crouch, Essex, East of England, £418,609 – 94%