Halifax reports that its twice the price to be beside the seaside

The annual Halifax Seaside Town Review tracks house price movements in 136 seaside towns in England and Wales. The review is based on house price data from the Land Registry and covers the period 12 months to February 2002 and 12 months to February 2012.

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Halifax, Yorkshire (PRWEB UK) 28 June 2012

Since 2002, house prices have more than doubled in half of the seaside towns surveyed in England and Wales, according to latest research from Halifax. Over the past decade, the average house price in seaside towns rose by 97%, slightly ahead of the 95% increase in the whole of England and Wales.

Seaham, in County Durham, has recorded the biggest rise over the past decade with the average house price increasing by almost 183% from £38,443 in 2002 to £108,742 in 2012.

Wadebridge and Padstow – both in Cornwall – have seen the next largest rises with increases of 173% and 171% respectively. The average price in Wadebridge is now at £348,986, and £382,806 in Padstow.

Southern seaside towns are the most expensive
There is a marked North-South divide in house prices in seaside towns, despite big increases in house prices in many seaside towns in the north over the past ten years. All ten of the most expensive seaside towns are on the south coast with eight in the South West.

Salcombe in Devon (£528,920) and Sandbanks in Dorset (£525,927) have the highest average prices with both also featuring amongst the most expensive areas in the country.
(Table 2)

Blackpool is one of the most inexpensive seaside towns
Not all seaside towns boast high average prices. Blackpool - one of the most famed and historically popular seaside towns in England - features in the list of the ten least expensive seaside towns with an average house prices of £104,747.

All ten least expensive seaside towns are in northern England. The least expensive town in the survey is Newbiggin-by-the-Sea in Northumberland with an average house price of £75,063.

Martin Ellis, housing economist at Halifax, commented, "Seaside towns are still very popular places to live. They offer a unique lifestyle that for many can't be matched elsewhere, with that all important sea view, together with a typically high quality of life and a healthy environment.

"However, seaside living often comes at a price. 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."

KEY FACTS

  •     13 seaside towns – all in southern England - have an average house price above £300,000.
  •     Outside southern England the most expensive seaside towns are the Mumbles in south Wales (£240,899), Whitby in Yorkshire (£211,484), Grange over Sands in Cumbria (£210,445) and Sandsend in Yorkshire (£206,018).
  •     Whilst three of the five seaside towns experiencing the biggest house price gains since 2002 are in Cornwall, seven of the top ten biggest movers are outside southern England with no seaside towns in the South East amongst the ten best performers.
  •     The seven seaside towns outside of southern England that feature in the top ten had average prices that were well below £100,000 in 2002, with prices rising sharply from a relatively low base over the following decade.
  •     Withernsea in Yorkshire and the Humber has an average price below £100,000 (£92,356). Rhyl (£117,144) is the least expensive Welsh seaside town. Lowestoft (£137,803) has the lowest average house price of seaside towns in southern England.
  •     The majority of seaside towns in Wales (69%), East Anglia (60%) and the South West (57%) have an average price that is higher than the average for their county. In contrast, few seaside towns in Yorkshire and the Humber (13%) and the South East (17%) have an average price above their county's average.
EDITORS' NOTES:

The prices used are simple arithmetic ('crude') averages.    These prices are not standardised and therefore can be affected by changes in the sample from period to period. Data is from the Land Registry for the period 12 months to February 2002 and 12 months to February 2012.

© Crown copyright material is reproduced with the permission of Land Registry under delegated authority from the Controller of HMSO.

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"This report is prepared from information that we believe is collated with care, however, it is only intended to highlight issues and it is not intended to be comprehensive. We reserve the right to vary our methodology and to edit or discontinue/withdraw this, or any other report. Any use of this report for an individual's own or third party commercial purposes is done entirely at the risk of the person making such use and solely the responsibility of the person or persons making such reliance."


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Seaside Towns - 10 biggest house price increases 2002- 2012