House prices in seaside locations have doubled in last 10 years
House prices in seaside towns have doubled over the last decade with eight of the top ten most expensive coastal places to live being here in the Westcounty.
According to new figures, the Cornish tourist hotspots of Wadebridge and Padstow have seen some of the steepest rises in the country with house prices rocketing more than 170%.
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Picturesque Salcombe, in the South Hams, tops the list of the priciest coastal places to live with typical homes there costing a cool £529,000 on average.
Around seven homes in Newbiggin-by-the-Sea in Northumberland, the least expensive seaside town, could be bought for this sum.
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The figures come from the Halifax which found that since 2002, prices have more than doubled in around half of seaside towns in England and Wales.
Frith Chadwick, director at Charles Head estate agents, which has a branch in Salcombe, said many homes in the town were well above the million pound mark.
She said "A lot of property here is second homes and they tend to be in their own little market bubble.
"Having said that there's a lovely year-round community here and the area is very desirable because of that.
"But we have sold a few as permanent properties under half a million pounds, around the £300,000 mark, so they do come onto the market, although they are less than 10 per cent of our business."
Eight locations on the list of most expensive places to live are in the South West, with Sandbanks at Poole in Dorset coming second, followed by Padstow, Dartmouth, Lyme Regis, Wadebridge, Budleigh Salterton and Bigbury-on-Sea.
Matthew Rowe, from Savills estate agents in Truro, said even in the current market conditions coastal properties were highly desirable – but buyers were being discerning.
He said: "It is a price sensitive market, people want to see value for money on their purchase but the buyers are still out there.
"We have recently sold a couple of properties near Rock with very good figures achieved.
"We are not generally seeing prices going up at the moment but we are seeing a strong market for buyers if the price is right.
"A three-bedroom cottage in Flushing sold for over its asking price recently and a much larger property on the waterfront, which was on for £1.75 million, found a buyer," he said.
In terms of the largest percentage rises, Seaham, in County Durham, with its dramatic clifftop coastline, saw the biggest jump, with a 183% increase taking typical house prices to nearly £109,000 by 2012.
Wadebridge and Padstow were next with average properties there coming in at £348,000 and £382,000 respectively, the latter town having seen its profile rise due to its associations with popular TV chef and restaurateur Rick Stein.
Somewhat unsurprisingly, all but two of the top 10 most expensive seaside towns are in the South West and the 10 cheapest are in the north.
Among the most expensive coastal properties on the market in Cornwall is a seven-bedroom home near Falmouth on for £3.8 million.
A modern property further up the coast at St Mawes is going for £3.75 million and a home overlooking Daymer Bay in North Cornwall, again is priced at over £3 million.
Across the Tamar in Devon a 16-bedroom Georgian house at Mamhead, with views along the East Devon coast, has a price tag of £8 million while a luxurious waterfront Arts and Crafts house at South Pool, near Salcombe, is on for £4 million.
There are only two properties on the market in Salcombe for under £200,000 and both are flats.
Martin Ellis, housing economist at the Halifax said: "Seaside living often comes with 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."
"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 Halifax used Land Registry figures to compile the study.
Comments
by Big_Ger
Monday, May 21 2012, 9:09AM
“Sorry, that should read "It was paid off fully in 2002."”
by Big_Ger
Monday, May 21 2012, 9:07AM
“Smarty C, thanks for your balanced viewpoint. As I bought my current house in 1993 I have seen the value of it increase by nearly 200%. It was paid off fully in 200. So a minor fall or two, even a fall of 15-20%, won't really affect the resale value immensely.”
by JoyKernow64
Wednesday, May 16 2012, 8:16PM
“Big_Ger has done well out of the tourist trade which pays terrible wages and which has done nothing but damage to Kernow and seaside property development. Well done indeed. An example of why Cornwall is in the state it is.”
by SmartyC
Wednesday, May 16 2012, 7:35PM
“I wish you all the best with it Ger. As I said in my other post, you're obviously a self reliant man, shame there aren't more like you.
However I do now understand why you have a vested interest in wishing the market up.
Sadly for you, I suspect wishes are about all that's left as far as property value appreciation goes...”
by Big_Ger
Wednesday, May 16 2012, 10:38AM
“My plan, as I am fast approaching retirement, is to sell my house and buy a retirement bungalow. Now that the kids have grown up and moved on, the house is far too big for the two of us. With the capital raised I shall invest some, and use some to top up my retirement funds. As someone who has worked for 47 years, I feel that I deserve the right to enjoy my later life. None of what I have done, or will do, will greatly affect the housing market locally, if at all, nor will it affect in any way anyone getting onto the housing ladder.
I am glad I am fortunate enough to do this, through hard work and thrift, and I wish anyone who wishes to do the same all the best of luck. Funny how some seem to wish me ill over this.”
by SmartyC
Tuesday, May 15 2012, 2:19PM
“Havermayer said:
******
I just hope everyone here can appreciate what value you have added to society by owning a house for a period of time. Bravo sir."****
If he's bought his own house then he's likely to have had a job, paid taxes and paid his own way in life. Bravo indeed, if only more were like him.
He may be deluded in thinking it'll continue to appreciate in value over the short to medium term, but you can't fault his ethics in providing for himself and his family rather than falling on the state (aka everyone else) to provide for him as so many do.”
by SmartyC
Tuesday, May 15 2012, 2:13PM
“Big Ger, I have no problem with your house rising in value, mine has too. But don't kid yourself that it's an "investment" that's made you money, unless you're prepared to live in your car any "profit" will simply be swallowed by your next house purchase.
My house has quadrupled in price over twenty years. So what? Doesn't affect me one jot, it still keeps the rain off the same. Whether it's worth a million pounds or one pound next week makes not a jot of difference to me or my financial position.
Ultimately however, it doesn't matter what you or I want or wish for, the fact is that property has been grossly inflated in value by easy credit that is no longer there. Ergo those prices are completely unsustainable.
For now, values are holding because people refuse to recognise their loss and are hanging out for "boom time" prices, nett result, nothing's selling. But eventually people will be forced to sell, especially if interest rates rise (and it doesn't take the bank rate to rise for lending rates to rise) and sales will be forced at market value.
Then you'll see the drops whether you or I or anyone else wishes for or against them.”
by tylertoby
Tuesday, May 15 2012, 10:55AM
“Even from my limited exposure to these forums I am aware of Big_Ger commercial activities with regards to SW properties thus highlighting his bias. If it comes as a shock to people that people aspire to live by the sea then you really need to get out more. Looks more like an advert than a story IMHO”
by DaveDave2
Tuesday, May 15 2012, 10:40AM
“Big Ger - your argument below is totally illogical.
You own a house. You can therefore 'enjoy' that house in exactly the same way, regardless of how its price goes up and down. Even if you need to move - no problem: although you'll have made less money on the house you've sold, the house you're going to buy will cost less.
Many people in the South West cannot 'enjoy' a house because the asking prices are too high for them to be able to secure a mortgage to buy one. So it's entirely rational and reasonable for them to want house prices to fall.
If you can't understand why it's entirely reasonable for many people to want house-prices to fall, then you're probably not the best person to be writing articles on the subject.”
by Johnny_Brant
Tuesday, May 15 2012, 9:23AM
“--Big Ger said 'It would seem to me that there some here who want to join in the house ownership category..'--
Not me mate, I rent my place and wouldn't have it any other way because if a meteroite demolishes the place it'll be the landlords worry not mine as long as i'm out at the time..:)”