More than 15 million of us headed to British beaches over the Bank Holiday weekend this summer. But if you're hooked on the feeling of sand - or even pebbles - between your toes, why not consider buying on the coast. Seaside properties not only provide the chance to enjoy fresh air and great shellfish all year round, they also have more than their fair share of price increases.
Research from Halifax Estate Agents found that three quarters of the 100-plus seaside towns surveyed recorded a price increase above the average for their region over the past three years. Homeowners are clearly prepared to pay a premium for living beside the sea, particularly in the South of England, where prices are highest.
The survey - conducted before recent floods - reveals that Padstow in Cornwall once again, retained its crown as top of the seaside resort property price league with prices rising by 144% over the past three years. The only new entrant to the top ten most expensive seaside towns is Fowey in Cornwall, which recorded a 121% increase in prices over the past three years to £268,212. Other successful sun-traps include Withernsea, Hornsea, Bridlington and Filey in Yorkshire, Mevagissey and Penzance in Cornwall and Sandwich in Kent - all seeing average property price increases of more than 100%. Overall, property prices in 16 of the seaside towns surveyed have at least doubled over the same period.
Shelling out
You will need buckets and spades of cash if you want to live on the coasts of Dorset, Devon or Cornwall. Sandbanks in Dorset remains the most expensive seaside town with an average price of £386,140 - that's £100,000 more than the next most expensive, St Mawes in Cornwall. Despite its high prices, Sandbanks is used to expensive property; it recorded the smallest rise in average prices of all the towns examined over the last three years with a gain of 20% for the period.
Welsh coastal towns have also performed well, with Cardigan, Pwllheli, Llandudno, The Mumbles and Prestatyn all amongst the 20 seaside towns experiencing the sharpest rises in property prices over the past three years.
The most affordable seaside towns are in the north of England with both the north west and north east coastlines offering many of the least expensive seaside properties in the country. Barrow-in-Furness in Cumbria is the least expensive seaside area with an average price of £69,400. And it is still just about possible to buy in Blackpool for less than £100,000. Other affordable seaside locations include Maryport, Workington and Whitehaven in Cumbria, Seaham in County Durham, Blyth in Northumberland and Cleethorpes in Humberside.
If you are budgeting for a seaside move, speak to insurers about flood risk and don't forget to factor-in any additional cost and time needed for commuting. Visiting the area out of season will give you a better feel for facilities and atmosphere.
A friend of mine who commutes from Brighton to Canary Wharf has the following tips for those aspiring to a seaside home:
- Work smarter - use the time on the train as part of your working day. Put things aside that are "reading/checking" that can be done on the train this will help to ensure you can get a civilised time train to work in the morning and back in the evening.
- Let your colleagues know when you have to leave the office to get home for a reasonable time - stick to that time unless exceptional circumstances.
- Block out the beginning (in case trains are delayed) and end of the day (so you can get away on time) in your diary so you avoid meetings at those times.
- Ensure you are aware of train times on either side of your ideal trains to work and home again. This cuts down on stress should you wake up late or a meeting/job overruns.
- Remember that on average the trains fares increase around 10% each year. Check whether your employers runs an interest-free loan scheme so you can reduce the costs of travel with an annual ticket.
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