Prospective buyers of homes in coastal towns up and down Great Britain found that the average property was worth as much as £239,138 in March 2019, according to the Seaside Town Review by Halifax.
Halifax estimated that coastal town house prices rose as much as 29 per cent in the last decade up to March 2019, with some towns experiencing significantly large increases in property values.
This comes after peers in the House of Lords recommended that landlords in coastal towns should be offered tax incentives, to ensure that the quality of coastal housing is improved, as part of a debate on regeneration of coastal regions.
Southend leads in price gains
Southend On Sea saw the greatest price gains of the last decade, according to Halifax. Average home prices in the town rose as much as 73 per cent, with the average home costing £311,718 as of March 2019.
The town of Aldeburgh saw an average house price increase by 47 per cent in value over the decade to March 2019 – with the average home costing as much as £526,064, which makes Aldeburgh one of the most expensive coastal towns in the whole of Great Britain.
At the other end of the scale, Lerwick in Scotland was one of the cheapest Great British coastal property markets, with the average home costing £184,990 in March 2019. Home prices in Lerwick have seen as much as a 62 per cent increase over the past decade, according to the report.
Russell Galley, managing director at Halifax, commented on the report: “Seaside towns are highly popular places to live, offering sought-after scenery, lifestyle and good weather. Being by the seaside does come at a price, with the overall marked increase in house prices, reflecting the demand for rooms with a sea view.”
Mr Galley believes that despite the apparent greater valuation of coastal properties in the south as compared with the north, activity suggests that coastal living has been increasingly attractive beyond the south.
Mr Galley explained: “The continuing price growth in many northern towns over the years suggests the popularity of coastal living isn’t exclusive to the south.”