New research from the Halifax has discovered that British seaside property prices have enjoyed substantial rises during the last decade.
Data from the report shows that prices of towns on the coast have seen a 32% rise during the past ten years. Values have increased from £166,565 in 2006 to £219,386 in 2016. This equates to an average rise of £440 per month.
Seaside property prices soar in Scotland
The analysis indicates that Scottish seaside towns have seen the greatest price growth. Seven of the top ten locations were found to be in Aberdeenshire, with profitable growth in the oil and gas sectors bearing fruit.
Fraserburgh saw the most substantial house price growth, with rises of 139% in the last decade. Prices in the region have grown from £63,540 in 2006 to £151,719 in 2016, equivalent to a monthly rise of £735.
The top five house value increases in Scotland were located in:
- Cove Boy-94%
Outside of Scotland, Brighton recorded the largest increase in property price growth in the last decade, with 59%. Prices here have risen from £214,863 to £341,235 over the decade.
The top five house price increases in England were found to be in:
- Shoreham on Sea-53%
- Leigh on Sea-52%
Seaside property prices soar in last decade
Despite the substantial growth seen in property prices in Scotland during the past decade, nine of the most expensive seaside locations in Britain are located in England. Of these, eight are located in the South West. Sandbanks in Poole tops the list, where average house prices stand at £664,655.
The top five most expensive seaside towns were located in:
Martin Ellis, housing economist at the Halifax, said, ‘seaside towns are highly popular places to live, offering sough-after scenery, weather and lifestyle which no doubt come at a price. They also attract those looking for holiday properties, which add upward pressure on house prices, which our research shows have increased by an average of £440 per month since 2006.’
‘Over the 10-year period, coastal towns north of the border have been the strongest performing in terms of house price rises, but locations in the South West remain the most expensive. So if you’re looking for a bargain, it’s still easier to find the further North you go, where average price in several areas is still below £100,000,’ he added.