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The tide seems to be turning towards seaside property investments, as coastal towns have been found to out-perform other areas in their county when comes to property price increases.
Estate agent Jackson-Stops analysed exclusive Zoopla data to rank 45 top UK seaside towns and their counties based on capital growth, current average prices and price premiums over the last five years.
The research has shown that over 90 per cent of seaside towns saw prices rise by between 11 and 55 per cent over the last five years, while more than half (51 per cent) of those analysed have outperformed the county in which they reside in terms of property prices between 2013 and 2018.
Salcombe in Devon came out top, with prices 110 per cent higher than other towns in the same county over the last 10 years. With Zoopla’s data showing prices rose in the town to £787,628 in 2018, properties now achieve a huge premium of 171 per cent compared to the average price of property in the county of Devon.
Salcombe was also the most expensive seaside town covered in the research, while seven of the top ten most expensive coastal towns are located in the South West, including Padstow, Dartmouth and Lyme Regis – making the South West area the highest-priced region of those analysed.
Over half of seaside towns analysed have outperformed the county in which they reside in terms of property prices in the last five years.
Homes in Aldeburgh in Suffolk at 86 per cent, and Padstow in Cornwall at 80 per cent, currently achieve a significant premium compared to others in their counties. Aldeburgh is also the second most expensive town of those analysed, with average house prices in this sought-after UK seaside location increasing by 18 per cent to £514,552 over the five years to 2018.
Chairman of Jackson-Stops, Nick Leeming, said, ‘The UK’s desire to live by the coast continues to grow and is reflected by the house price growth in all but one of the towns we analysed.
‘According to Zoopla’s data, a property by the coast costs on average £301,855, which is £75,066 more than the average UK home. Sailing, surfing, taking in the fresh sea air and enjoying fish and chips or an ice-cream along the promenade are all much-loved British past times for families, young people and downsizers alike.’
He concluded: ‘Therefore, it should come as no surprise that demand is pushing up prices, and locations such as Salcombe in Devon and Aldeburgh in Suffolk are achieving premiums of between 86 and 170 per cent compared to the counties in which they reside. The lifestyle benefits associated with living by the seaside come with a significant price tag, yet many are still prepared to pay it.’