The price of living beside the seaside will make your eyes water
As the song goes, “Oh how I do love to live beside the seaside” it turns out you must really love it. Because the cost of properties in Seaside towns are vastly more expensive than their inland counterparts.
Halifax bank conducted the study which revealed the not-so-shocking findings.
Topping the pile is millionaire’s playground Sandbanks in Dorset for the second year in a row. The average price of a property in the UK is £226,919 but properties in Sandbanks are valued on average at £664,051.
In the last decade prices of properties in seaside towns have risen by a quarter in the past ten years. In 2007 the average price was £181,060 and has increased by the equivalent of £382 every month. However, prices more locally have risen well in excess of a quarter…. Keep on reading….
The study also found that nine out the ten most expensive seaside towns were on the South Coast. Outside of Southern England, the list is dominated by areas in Scotland such as North Berwick and St Andrews. Scotland has seen the biggest growth in coastal house prices with values rising 95 percent from 2007. Scotland is also home to some of the least expensive seaside towns with prices on average at £75,779.
Sussex seaside towns that have seen the most growth in house prices:
Shoreham By Sea with a 70% increase since 2007
Brighton & Hove with a 59% increase since 2007
Newhaven with a 47% increase since 2007
East Wittering with a 45% increase since 2007
Looking to buy a home by the seaside? Obtain expert mortgage advice from us and make it more affordable than you might have thought. Call one of our expert advisers on 01273 736536 or get in touch.