Seaside property prices soar 115%
Seaside property prices have rocketed 115% since 2001, according to new research from Halifax.
This is higher than the 96% average increase in house prices across England and Wales.
The Halifax Estate Agents Seaside Town Review, out today [July 4], tracks housing affordability in 96 seaside towns across England and Wales. It reveals that 90% of these have seen prices increase by over 100% since 2001.
Houses in Pwllheli, North-West Wales, have increased the most, with the average house price up from £70,970 to £217,253. This is followed by property in Rock in Cornwall, where prices have increased 200% from £102,825 to £308,073, and Maryport in Cumbria, with prices up 177% from 41,096 to £113,641.
Property in Whitehaven was most affordable in the first quarter of the year, according to the research, which classifies property as affordable if the average house price in the town is lower than the price someone on average earnings can pay.
The top 10 least affordable seaside locations to live in the first quarter were in the South West, with Sandbanks in Dorset topping the list, followed by St Mawes, Rock and Fowey.
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