Yahoo News Britain's most expensive coastal location is in Devon - and it's not hard to see why
Once again, the most expensive place to purchase a home on the British coastline is in Devon. Salcombe has maintained its status as the costliest location for coastal property.
The latest analysis from Lloyds Bank reveals that properties in the town, known for its breathtaking views over the Kingsbridge estuary, now have an average price of £970,657. This represents a 22% decrease (or a cash term drop of £270,641) compared to 2022 when prices were above £1.2 million.
Wealthy Sandbanks, where celebrities like Harry Redknapp reside, closely follows in second place with an average property price of £957,739. Padstow in Cornwall, famous for Rick Stein's Seafood Restaurant, ranks third with homes averaging at £701,979.
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Recent data indicates Lyme Regis in Dorset and St Ives in Cornwall have entered the top 10 priciest coastal locations. Both areas boast average property prices exceeding £500,000.
Reflecting on her findings, Amanda Bryden, Head of Mortgages at Lloyds Bank noted: "Sea views, sandy beaches, brisk morning dips it's easy to see why coastal living is so desirable. Our data shows the most sought-after coastal locations in the country can attract average price tags of close to a million pounds with in-demand properties often going for much more.
"These pricier areas can result in a lack of affordable homes for first-time buyers, a problem often exacerbated by high levels of second home ownership, meaning that many who have grown up in the area may find themselves priced out of owning their own home locally. There are more affordable places to call home by the sea, especially the further north you head.
"Those with a more adventurous streak may want to consider setting up home in Rothesay on the charming Isle of Bute, which will set buyers back around £100,000 on average. It's also important to remember that in some coastal areas around Britain, the idyllic image of a seaside resort doesn't apply."
However, she didn't shy away from mentioning the reality: "Indeed there are specific socio-economic factors, often as a result of changing tourism habits, or the decline of other local industries, which can lead to higher levels of deprivation."
Currently, the average cost of a coastal home stands at £293,710, -4% lower than in 2022 but +48% higher than 10 years ago. Remarkably, coastal properties in Margate, South East and Amlwch in Wales have more than doubled in value over the last decade, coming in at £309,049 and £255,189 respectively.
All 10 of the least expensive coastal locations are in Scotland, with property prices hitting rock bottom in Rothesay on the Isle of Bute. Here, homes cost an average of £101,477, marking a -30% decrease compared to 2022.
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Amy Capon, 47, from St Ives, Cornwall, shared her experience of relocating to the seaside. "We always dreamed of moving to the coast after spending many happy holidays in Cornwall and, in 2020, we took the leap and turned that into a reality. Moving from outside the busy City of Bath, we started our new life in St Ives.
"Although daunting at first - with our son Harris having to leave his old school and friends behind and all of us not being close to family and a support network - we've never looked back. Harris settled well into his new school and spends his free time with friends surfing in the gorgeous blue sea.
"We both found new jobs - I work in a school and my husband is a project manager - and we love having our favourite place on our doorstep. We've made some fantastic friends in our new hometown and our family and friends from back home love visiting as they get a holiday at the same time!
"Moving to a more chilled, relaxed life by the sea meant we were able to add to our family with our cockapoo Skye, who loves walking on the white sandy beaches in sunshine or rain. We've never looked back and love we get to call St Ives our home."
Britain's priciest coastal spots:
Coastal location.
Region.
Average house price 2023.
Salcombe.
South West.
£970,657.
Sandbanks.
South West.
£957,739.
Padstow.
South West.
£701,979.
Lymington.
South East.
£648,881.
Dartmouth.
South West.
£569,850.
Wadebridge.
South West.
£537,337.
Lyme Regis.
South West.
£533,526.
St. Ives.
South West.
£528,181.
Budleigh Salterton.
South West.
£508,139.
Kingsbridge.
South West.
£503,525.
Biggest price increases in coastal locations 2022 vs 2023.
Coastal location.
Region.
Average house price 2022.
Average house price 2023.
1-year change.
Invergordon.
Scotland.
£114,962.
£154,293.
+34%.
Menai Bridge.
Wales.
£297,551.
£379,472.
+28%.
Burntisland.
Scotland.
£175,222.
£207,525.
+18%.
Newbiggin-By-The-Sea.
North East.
£116,963.
£136,717.
+17%.
Helensburgh.
Scotland.
£219,574.
£254,261.
+16%.
St. Ives.
South West.
£466,659.
£528,181.
+13%.
Swanage.
South West.
£441,682.
£493,745.
+12%.
Sheringham.
East of England.
£337,593.
£372,476.
+10%.
Wick.
Scotland.
£124,857.
£137,424.
+10%.
Greenock.
Scotland.
£97,608.
£107,111.
+10%.
