Average property price in British seaside towns has grown £53k in last decade – and one has seen property values soar 139%...
- Typical seaside property has added £440 per month of value since 2006
- Scottish towns dominate the list - and one has seen values up 139%
- Brighton has seen the biggest rise in England, with prices up nearly £130k
Thousands of Britons hit the seaside this Bank Holiday weekend but research shows those who own homes in one are likely to have seen values soar in the last decade.
Fraserburgh in Scotland has seen the biggest increases in price in the last ten years, from an average of £63,540 to £151,719 today – a 139 per cent surge according to Halifax.
In fact, 19 of the 20 seaside towns listed in the report which have seen the biggest gains are found in Scotland, with only Brighton, Sussex sneaking into the list.
Boom town: Fraserburgh - North of Aberdeen - has seen the biggest percentage increase in property prices in the last decade, data suggests
The most expensive seaside town by a considerable distance is millionaires playground Sandbanks, Dorset, which is close to Bournemouth. The average price tag is £664,655.
Only one other seaside location has a property price of more than half a million pounds, and that is Salcombe, Devon, which is halfway between Plymouth and Torquay.
The cheapest spot to snap up a seaside property is in Port Bannatyne, Scotland, where a typical home sells for £77,132. The village is located on the Isle of Bute, West of Glasgow.
Excluding Scotland, Brighton, Whitstable, Shoreham By Sea, Leigh On Sea and St Mawes are the five spots which have seen the biggest house price growth in the last decade.
Seaside dreams: The top chart shows which seaside towns have seen prices grow the most - the second and third charts the most expensive, and cheapest in which to buy
Martin Ellis, housing economist at Halifax, said: 'Seaside towns are highly popular places to live, offering sought-after scenery, weather and lifestyle which no doubt come at a price.
'They also attract those looking for holiday properties, which add upward pressure on house prices.'
'Over the 10-year period, coastal towns north of the border have been the strongest performing in terms of house price rises, but locations in the South West remain the most expensive.
'So if you're looking for a bargain, it's still easier to find the further North you go, where average price in several areas is still below £100,000.'
|Seaside Town||Region||Average House Price 2006 (£)||Average House Price 2016 (£)||10 Yr % change|
|Shoreham By Sea||South East||217,351||332,238||53%|
|Leigh On Sea||South East||209,446||317,805||52%|
|St Mawes||South West||249,510||373,746||50%|
|East Wittering||South East||240,861||345,127||43%|
|Southend On Sea||South East||170,125||242,989||43%|
The annual Halifax seaside town review found that house prices have increased by a third in these areas over the past decade.
Average house prices have grown from £166,565 in 2006 to £219,386 in 2016, equivalent to an increase of £440 per month - or £52,821 in the last ten years.
However, despite seaside town prices increasingly, they haven't kept up with the UK average as a whole, but this is likely to be heavily skewed by London.
The typical price tag of a UK home has grown from £183,751 in 2006 to £262,634 in 2016 - the equivalent to an average increase of £657 per month.
Flocking crowds: Brighton is a day-trip paradise, especially for Londoners - and home owners in the area have seen values soar since 2006
It says Aberdeenshire has been the strongest performer, with towns there taking up seven of the top ten list for growing prices in the last ten years.
Halifax says much of this rise has been because during the period, it has been well served by growth in the oil and gas sector.
However, new research from Hometrack shows Aberdeen was the only city in its UK-list where house prices have fallen in the last year, and by a sizeable 6.1 per cent.
Sea views: This one-bedroom flat is selling for £33k in Port Bannatyne - the cheapest seaside town to buy a property
The £33k flat in Port Bannatyne...with sea views
A quick search on property search engine Zoopla shows a number of properties up for sale, including this £33,000 one bedroom flat which comes with sea views, with the marina, beach and an unusual 13-hole golf course within close walking distance.
For a little more cash, or £159,000 to be precise, you could snap up a three-bedroom semi-detached home, also complete with sea views.
It is believed around 1,250 people live in the remote village.