If you’re planning to relocate to the coast, the latest research from GetAgent.co.uk which looks at the most expensive and affordable seaside towns in the property market may help.
The firm crunched the numbers across 100 seaside towns across England, Wales and Scotland and found that buying by a beach is pretty reasonable on average, coming in at £264,528; although this is 14% higher than the current national average of £232,401.
With an average property price of £619,431, the Sandbanks in Poole is the priciest seaside spot in the UK, 167% higher than 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 affordable seaside property pockets.
When it comes to the most affordable locations, Scotland accounts for 15 of the 20 and eight of the top 10 most affordable seaside towns. Campbeltown is the most affordable of the lot, with an average house price of £71,500, some 69% lower than the UK average.
Outside of Scotland, Blackpool is the most affordable in England and Wales with an average house price of £93,104, along with Newbiggin by the Sea (£99,017).
To see the full list, click here
Colby Short, founder and CEO of GetAgent.co.uk, commented: “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 fifty thousand pounds. 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.”
