Halifax surveys affordability of seaside towns

| July 6, 2009 | 0 Comments

Halifax has completed a round-up of seaside property prices in England and Wales in a survey that places all ten most affordable seaside locations in northern England.

Whitehaven in Cumbria comes top of the list, with the lowest average house price to earnings ratio in the first quarter of 2009.

Withernsea on the East Yorkshire coast follows, with Maryport in Cumbria taking third place.

In all three towns the house price to average earnings ratio is below the national long-term historical average of 4.0.

At the other end of the scale, Sandbanks in Dorset recorded the highest house price to earnings ratio at 21.7.

The average cost of a home in the towns surveyed has increased by 115% since 2001, which is higher than the 96% rise recorded across England and Wales as a whole.

Pwllheli in Wales has seen the largest increase with the average cost of a dwelling rising by 206%, from £70,970 to £217,253.

Turning to Scotland, a similar survey by Bank of Scotland names Wick as the most affordable seaside town, with Girvan and Fraserburgh following on.

St Andrews, where average house prices are almost 10.5 times average local earnings, is the least affordable.

According to the research, the average price of a home in a Scottish seaside town stands at £136,605 or 28% less than the average price in England and Wales (£189,210).

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