Withernsea in Yorkshire is the most affordable seaside town in England & Wales and Sandbanks in Dorset is most expensive according to the annual Halifax Seaside Town Review, which tracks house price movements in approximately 100 seaside towns in England and Wales.
The review is based on data from the Land Registry.
"Living on the coast offers many attractions, including a typically high quality of life and attractive surroundings,” said Martin Ellis, housing economist at Halifax
“As a result, property in seaside towns is often very popular with homebuyers. Whilst property in seaside towns can be more expensive than elsewhere, exceptional value for many can still be found for those searching to realise their dream of living near the sea."
KEY FINDINGS
Housing affordability
Most affordable...
Withernsea in the East Riding of Yorkshire is the most affordable seaside town based on the average house price to earnings ratio in 2009. House prices in Withernsea are, on average, 3.0 times local annual gross average earnings. Withernsea is followed by Whitehaven and Maryport - both in Cumbria (both with a house price to earnings ratio of 3.7). All ten most affordable seaside towns are in northern England.
Least affordable...
Sandbanks in Dorset is the least affordable seaside town with an average house price to earnings ratio of 18.9. The ten least affordable seaside towns are all in the South West with Sandbanks followed by Padstow (also 18.9), Fowey (14.4) and Rock (14.0).
The Mumbles in Wales is the least affordable seaside town outside the South East and South West with a house price to earnings ratio of 9.5.
Most expensive seaside towns
Sandbanks is also the most expensive seaside town with an average house price of £544,951 in 2009. The three most expensive seaside towns are all in the South West with Sandbanks followed by the Cornish towns of Padstow (£421,954) and Fowey (£335,817).
Outside the South West and South East of England, the most expensive seaside towns are the Mumbles in south Wales (£248,532) and the Norfolk towns of Brancaster (£223,299) and Hunstanton (£212,983).
Least expensive seaside towns
Withernsea is also the least expensive seaside town with an average price of £91,360.
Nine of the ten least expensive seaside towns are in northern England. The exception is Rhyl in Wales.
House price changes 2001-2009
Padstow in Cornwall recorded the largest increase in house prices between 2001 and 2009. The average house price in this South West seaside town increased by 211per cent; from £135,677 to £421,954. The next biggest increases were in Pwllheli in Wales (161 per cent) and Seaham in the North (159 per cent).
House prices at least doubled between 2001 and 2009 in almost half of the seaside towns surveyed. Average house prices in all seaside towns surveyed increased by 98 per cent; outpacing the 81 per cent rise in England and Wales as a whole.
Prices fell in all but four seaside towns between 2007 and 2009 overall, but a number of towns recorded a recovery in property values in 2009 with Colwyn Bay in north Wales experiencing the largest rise between 2008 and 2009 (10 per cent). The four towns showing an increase between 2007 and 2009 are Padstow, Lyme Regis, Robin Hood's Bay and St Mawes.
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