Salcombe named as the most expensive place to buy a seaside home

salcombe devon
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The coastal town of Salcombe has been named as Britain’s priciest seaside location to buy a home.

The average house price in the town was just over £1.2 million last year, according to new analysis from Halifax.

Salcombe swapped places with Sandbanks in Dorset, which was previously named by the bank as the most expensive seaside spot.

The bank analysed house price data for the 12 months to December 2022, looking at 209 coastal locations in total.

Salcombe has now replaced Sandbanks in Dorset as the priciest seaside location to buy a home.

Joining Salcombe on the list of the top ten most expensive seaside locations to buy a home were Padstow, Dartmouth, Kingsbridge, Wadebridge and Budleigh Salterton.

At the other end of the spectrum, Greenock in Scotland was found to have the lowest average house price of the seaside locations analysed, at £97,608.

During the early months of the coronavirus pandemic, coastal and rural locations were particularly popular as house hunters embarked on a “race for space”, the analysis said.

Many of the most expensive seaside locations were found along the coastline of southern England, in areas popular with second home owners.

Back in 2012, the average house price in Salcombe, at £558,538, was less than half the typical 2022 value.

Kim Kinnaird, mortgages director at Halifax, said: “For many, owning a home by the sea is an aspiration, with coastal living offering beach walks, clean air and other health benefits.

“But this comes at a price in many locations and Britain’s most expensive seaside spot, Salcombe in Devon, will set buyers back over £1.2 million on average.

“When we delve deeper into the cost of Britain’s seaside homes, it’s clear that there is a broad spectrum in house prices.

“Whilst million-pound properties are abundant in the south west of England, in contrast, homes in Greenock in Scotland are valued on average at less than £100,000.

“Second home ownership undoubtedly plays a role in driving up prices in the most desirable locations. While house prices in any location are driven by factors such as supply and demand and interest rates, there are also socio-economic factors at play.

“Some of these factors are more acute in Britain’s coastal communities, and many British towns most in need of investment also sit near the shore."

The study indicated that the cost of coastal homes across Britain has increased by 56% between 2012 and 2022, from £195,509 to £304,460.

The full list of Britain's most expensive locations to buy a seaside home:

1. Salcombe, Devon, South West, £1,244,0252.

2.Sandbanks, Dorset, South West, £952,6923.

3. Aldeburgh, Suffolk, East of England, £794,4924.

4. Padstow, Cornwall, South West, £790,8475.

5. Lymington, Hampshire, South East, £663,4746.

6. Yarmouth, Isle of Wight, South East, £611,8167.

7. Dartmouth, Devon, South West, £567,9858.

8. Kingsbridge, Devon, South West, £556,6599.

9. Wadebridge, Cornwall, South West, £548,66910.

10. Budleigh Salterton, Devon, South West, £537,68.