Price of seaside houses doubles

| May 14, 2012 | 0 Comments
Price of seaside houses doubles

Homes by the sea have shown a greater price increase than inland properties, according to the latest figures from the Halifax.

The price of houses in seaside towns has increased by 97 per cent over the last decade, compared with a 95 per cent increase for the whole of England and Wales.

In Seaham, County Durham, the average property price increased by more than 180 per cent, from £38,443 in 2002 to £108,742 in 2012, according to the Halifax data.

Seaham topped the list for the biggest increase, followed by two Cornish towns - Wadebridge where the average price increased by 173 per cent over the decade to £348,986 and Padstow, with an increase of 171 per cent to
£382,806.

The most expensive seaside properties tend to be located in the South of England, with the ten most expensive seaside towns located on the south coast.

Eight of these are in the South West, with Salcombe in Devon topping the list for the highest average house price, at £528,920.

In contrast, the average price of a house in Blackpool, Lancashire, is just £104,747 and Newbiggin-by-the-Sea in Northumberland trails in at the bottom of the lost with an average house price of around £75,000.

Martin Ellis, housing economist at Halifax said: “The majority of seaside towns in Wales, East Anglia and the South West have an average house price that is higher than the surrounding area.

“But this is not always the case and good value properties can be found in many seaside towns in the South East and Yorkshire and the Humber in particular.”

The latest report from the Royal Institution of Chartered Surveyors (RICS) showed that the price of UK homes fell at their fastest pace for six months in April.

This was attributed to the end of the stamp duty holiday on lower priced properties.

The property market enjoyed a temporary boost at the beginning of the year prior to stamp duty being reinstated on properties up to £250,000 in value in March.

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