Research by the Halifax has revealed some interesting statistics about the price of properties in coastal towns in various locations around the UK. In the last 10 years, there has been a huge jump in average house prices in coastal towns resulting in an average monthly increase of in the region of £410. The average value of a home in a seaside town now stands at £208, 729 – that is a rise of 31% in the past decade.
The most expensive coastal town in which to purchase a property is Salcombe in Devon at an average price of £672,874. In the last 10 years, it saw the biggest rise in property prices – an increase of 69%. In second place is Sandbanks in Dorset with prices averaging £614,726. In third place is Aldeburgh in Suffolk with an average price of £413,393 – that is a considerable drop in price to those in first and second place. Lymington, on the edge of the New Forest and a mere 21 miles from our office, is in fourth place with prices averaging £404,781.
Ignoring the south of England that has the 10 most expensive seaside towns in the UK, it is Scotland that has the costliest coastal towns in the UK with £294, 586 being the price of an average property in St Andrews.
Interestingly, at the other extreme, in the UK, the cheapest coastal town is Port Bannatyne that is located on the Isle of Bute in Scotland where the average price of a home is only £73,539. In fact, 8 out of the 10 cheapest seaside properties are in Scottish towns yet it is Scotland that has witnessed the largest increase in seaside property prices over the past 10 years with an increase of 109% being seen in Fraserburgh in Aberdeenshire to £132,920. In England, it is Newbiggin-by-the-Sea that is situated in Northumberland that is the cheapest where the average price of a home is £81,339.
There is no doubt an appeal for living by the seaside with wonderful views of the coast and fresh air to be enjoyed. Also, the south of England seems to attract the better weather in the UK. Could it be that a delightful place like Salcombe attracts people with money from London looking for a second home to be enjoyed on occasional weekends?
You may be interested to read that we have arranged buildings and contents insurance on many, many coastal properties in the south of England and can also provide cover for those properties in a flood risk area. So, why not get in touch with an experienced member of the team here at AIB Insurance on 02380 268 351 to discuss your requirements and obtain a no-obligation quotation.
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