Head to Withernsea for affordable seaside homes

| June 2, 2010 | 0 Comments

Those with a yearning to live by the sea should head north, according to research from Halifax.

The lender has declared Withernsea in the East Riding of Yorkshire the most affordable seaside town in England and Wales, with house prices typically three times local annual gross average earnings.

All ten most affordable seaside towns are in northern England, whereas Sandbanks in Dorset is the least affordable with an average house price to earnings ratio of 18.9.

The average cost of a home in Sandbanks stood at £544,951 in 2009 compared with Withernsea’s £91,360.

Between 2001 and 2009, the average house price in all seaside towns in England and Wales increased by 92%, outpacing the 81% rise in house prices as a whole.

However, between 2007 and 2009 prices fell in all but four seaside towns, namely Padstow, Lyme Regis, Robin Hood’s Bay and St Mawes.

Halifax housing economist, Martin Ellis, comments: “Living on the coast offers many attractions, including a typically high quality of life and attractive surroundings.”

He adds: “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.”

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