Budleigh Salterton has been ranked 10th most expensive seaside location to buy a home on average in 2022.
“Second home ownership undoubtedly plays a role in driving up prices in the most desirable locations.”
[Second homes currently account for one in every 23 properties in East Devon and rising; obviously concentrated in coastal towns and our “picturesque” villages where you can show off in your “Muddy Stilettos” – Owl]
Adam Manning www.exmouthjournal.co.uk
New analysis from Barclays Bank show Budleigh to be 10th most expensive in Britain at 537,681. other locations in East Devon have appeared on the list, including:
- Lyme Regis £501,261.
- Sidmouth £496,936.
- Exmouth £373,539.
- Seaton £369,541
The bank, Barclays analysed house price data for the 12 months to December 2022 to make the findings, looking at 209 coastal locations in total.
Salcombe was number one. It found the average house pricelast year was just over £1.2 million.
At the other end of the spectrum, Greenock in Inverclyde, Scotland, was found to have the lowest average house price of the seaside locations analysed, at £97,608.
Scotland dominated Halifax’s top 10 list of the least expensive seaside locations.
Halifax’s study indicated that, in general, the cost of coastal homes across Britain has increased by 56 per cent between 2012 and 2022, from £195,509 to £304,460.
During the early months of the coronavirus pandemic, coastal and rural locations were particularly popular as house hunters embarked on a ‘race for space.’
Many of the most expensive seaside locations were found along the coastline of southern England, in areas popular with second home owners.
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.”
Halifax used Land Registry data covering England and Wales, in addition to figures from the Registers of Scotland, to make the findings.