Do you like to be beside the seaside?
It seems that a growing number of people do. Over the past ten years, prices of residential property in coastal towns across Great Britain have gone up by 42% (that’s around £500 a month) to reach £196,826 on average, according to recent figures released by Halifax.
Among the locations seeing the strongest uptick in house values are five towns in Scotland, all on the Aberdeenshire coast, where the price of a typical house has more than doubled in a decade, the mortgage lender found.
The most substantial rise in home values was recorded by the town of Fraserburgh, where prices have surged 141% since 2004 and currently stand at around £129,325. Cove Bay was the location experiencing the second strongest increase in house prices, at 119%, followed by Peterhead with 118%, Inverbervie with 114% and Stonehaven with 101%.
The most expensive seaside town to buy a house in is Salcombe in Devon, where the average property price stands at £615,344. Next is Sandbanks in Dorset, where buyers should expect to pay £574,089 for a property.
The mortgage lender identified a solid uptrend in costs south of the border as well, with Aldeburgh, on the Suffolk coast line, registering the most impressive increase of 95% during the ten-year period, with values hitting £446,576 on average. Wadebridge in north Cornwall and Workington in Cumbria were also among the English seaside towns scoring substantial growth in home prices, both seeing average values jump by 91%.
But despite the significant growth in seaside property prices, coastal towns are still cheaper to buy in when compared to the average house price across Great Britain, which currently stands at £239,518, Halifax noted.
Where would your dream location be in the UK?