Seaside properties have seen a significant rise in price in the last ten years, with homeowners by the coast now reaping the rewards of their investment.
Research has found that the average house price in seaside towns has gone up by 97% since 2002, jumping ahead of the average rise of 95% in the whole of England and Wales in the last 10 years.
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The Seaside Town Review, conducted by Halifax’s, found that half of the 136 seaside towns included in the report have seen house prices more than double.
“Seaside towns are still very popular places to live,” said Martin Ellis, housing economist at Halifax.
“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.”
Seaham, in County Durham, recorded the biggest rise. The 183% increase in the town’s property prices has meant that the cost of an average home has jumped up from £38,443 in 2002 to £108,742 in 2012.
Two Cornish towns took second and third place in the review. The average price of a home in Wadebridge is now 173% higher, at £348,986, while prices in Padstow are 171% higher, at £382,806.
“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,” added Mr Ellis.
“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.”
The research also revealed the seaside towns which had the highest and lowest average property prices. The priciest seaside homes can be found in Salcombe in Devon (£528,920) and Sandbanks in Dorset (£525,927), while the cheapest are found in Newbiggin-by-the-Sea in Northumberland (£75,063).
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