House prices in seaside towns have shot up by a staggering average of 63% over the last ten years, according to the figures. A property by the sea can now command an average asking price of £197,938.
According to the research from Halifax, the most significant property price growth over the last decade was in Porthmadog in Wales, where the average value of a home has shot up by 134% from £69,479 in 2003 to £162,638 in 2013.
This was followed by Seaham in the North, where house prices have risen by 128% over the same period from £46,068 to £104,840 and Newbiggin by the sea, also in the North, where house prices have climbed by 120% from £37,401 to £81,442.
Commenting on the findings, Martin Ellis, housing economist at Halifax, said: “Seaside towns are highly popular places to live. They offer a unique lifestyle with a typically high quality of life and a healthy environment and as a result, living by the coast can come at a price.”
While the seaside property market has continued to be buoyant, would-be buyers can still snap up a bargain by the seaside, with average prices here 17% more affordable compared to the average house price across England and Wales (£238,091).
Following Newbiggin-by-the-sea, the list of 10 Least Expensive Seaside Towns in England & Wales also includes Withernsea in Yorkshire & the Humber (£93,671), Fleetwood, North West (£99,210) and Blackpool, also in the North West (£101,715).
Martin Ellis added: “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. This is not always the case though and good value properties can be found in many seaside towns, particularly in the South East and Yorkshire and the Humber.”