It is the British coastal city where wealthy families from London flock during the summer months in search of fresh sea breezes and sandy beaches.
As a result, Salcombe, Devon, has once again been named the most expensive place in Britain to buy a coastal home.
The prosperous town boasts some luxury homes with stunning views of the Kingsbridge estuary, and an average house price of just under £1 million.
But, despite this, the area has seen prices fall in the last year.
Salcombe, Devon, retains the title of being the most expensive coastal town to live in
The average property value in Salcombe is £970,657, according to the latest Lloyds survey.
This is 22 per cent less than the £1.2 million recorded in 2022, the The equivalent of £230,000 has been shaved off the average house price since then.
The average property value in Salcombe is currently £970,657, according to Lloyds.
The ten most expensive coastal towns are in the south west, followed by Salcombe and Sandbanks.
Home to celebrities like Harry Redknapp, Sandbanks is known for its modern properties that wouldn’t look out of place on the California coast.
The Dorset peninsula has an average house price of £957,739, according to Lloyds.
It is in stark contrast to the location recommended by Lloyds (scroll down for more information) for those looking for a cheaper coastal area to live in, if they have a significantly lower budget of just £100,000.
Padstow in Cornwall is third on the list of most expensive coastal areas to live in, with houses typically costing £701,979.
Meanwhile, Lyme Regis in Dorset and St Ives in Cornwall have entered the top ten most expensive coastal locations, with average property prices of more than £500,000 in both areas.
The ten most expensive coastal towns are in the south west, including Sandbanks.
In contrast to the prosperous image of coastal towns offered by these luxury destinations, Lloyds was keen to point out that “the idyllic image of a seaside resort” does not always apply.
He said some coastal areas of Britain may experience a high level of “deprivation” due to the decline of local industries.
Amanda Bryden of Lloyds Bank explained: “Sea views, sandy beaches, refreshing morning swims – it’s easy to see why coastal living is so desirable.”
‘Our data shows that the country’s most sought-after coastal locations can command average prices of close to £1m, with in-demand properties often costing much more.
“These more expensive areas can result in a lack of affordable homes for first-time buyers, a problem often exacerbated by high levels of second home ownership, meaning many of those who have grown up in the area may find themselves with the price of not being able to own their own home in the area.’
| Coastal location | Region | Average house price 2023 |
|---|---|---|
| rothesay | Scotland | £101,477 |
| green | Scotland | £107,111 |
| girvan | Scotland | £107,349 |
| Millport | Scotland | £113,622 |
| salt coats | Scotland | £115,372 |
| Campbelltown | Scotland | £115,813 |
| Ardrossan | Scotland | £119,166 |
| Bannatyne Harbor | Scotland | £119,951 |
| Stranraer | Scotland | £120,157 |
| Fraserburgh | Scotland | £129,606 |
| Source: Housing price data from the Property Registry 12 months to December 2023 |
He added: ‘There are more affordable places to call home by the sea, especially the further north you go.
‘Those with a more adventurous streak may want to consider settling in Rothesay, on the charming Isle of Bute, which will set buyers back around £100,000 on average.
‘It is also important to remember that in some coastal areas of Britain the idyllic image of a seaside resort does not apply.
“Indeed, there are specific socio-economic factors, often as a result of changes in tourism habits or the decline of other local industries, which can lead to higher levels of deprivation.”
The coastal area with the cheapest average house prices is Rothesay, on the Isle of Bute.
Rothesay, on the Isle of Bute, is the seaside location with the cheapest average house prices – just £101,477, according to Lloyds.
The Isle of Bute, known as Bute, is an island in the Firth of Clyde in Scotland and is connected by ferry to the mainland.
Rothesay is the main town on the island and has at its center a 13th century ruin called Rothesay Castle.
All places in the list of the top ten cheapest places to live by the sea are in Scotland and include Greenock and Girvan for £107,111 and £107,349 respectively.
| Coastal location | Region | Average house price 2013 | Average house price 2023 | 10 year change |
|---|---|---|---|---|
| Margaret | Southeast | £151,196 | £309,049 | 104% |
| Amlwch | Welsh | £127,342 | £255,189 | 100% |
| Menai Bridge | Welsh | £196,979 | £379,472 | 93% |
| Ramsgate | Southeast | £156,103 | £297,804 | 91% |
| wide stairs | Southeast | £232,256 | £440,654 | 90% |
| Deal | Southeast | £207,727 | £390,089 | 88% |
| lymington | Southeast | £348,793 | £648,881 | 86% |
| Whitstable | Southeast | £257,294 | £473,680 | 84% |
| Perranporth | South west | £223,232 | £410,946 | 84% |
| padstow | South west | £382,560 | £701,979 | 83% |
| All GB coastal towns | – | £198,631 | £293,710 | 48% |
| Source: Land Registry (E&W) and ROS (Scotland) – 12-month house price data to December 2013 and 2023 | ||||
Lloyds has also revealed the biggest increases in house prices in coastal areas over the last decade.
Margate, in the south-east, leads the way with an increase of 104 per cent, with average values rising from £151,196 to £309,049 between 2013 and 2023 respectively.
They are followed by Amlwch and Menai Bridge, both in Wales, which have seen an increase of 100 per cent and 93 per cent respectively.
In Britain’s average coastal areas house prices have risen by 48 per cent over the last decade.
The family moves to the Cornish coast
Amy Capon moved with her family to St Ives, Cornwall
Amy Capon, 47, from St Ives, Cornwall, said: “We always dreamed of moving to the coast after spending many happy holidays in Cornwall and in 2020 we took the leap and made it a reality.
‘Leaving the outskirts of the bustling city of Bath, we begin our new life in St Ives. Although it was discouraging at first, since our son Harris had to leave his old school and friends behind and not all of us were close to our family and support network, we never looked back.
‘Harris has settled in well at his new school and spends his free time with friends surfing in the beautiful blue sea. We both found new jobs (I work at a school and my husband is a project manager) and we love having our favorite place right around the corner.
‘We have made some fantastic friends in our new hometown and our family and friends from home love visiting us because they have a holiday at the same time.
‘Moving to a more relaxed life by the sea meant we were able to add our cockapoo Skye, who loves walking along the white sandy beaches come shine or rain, to our family. “We have never looked back and love being able to call St Ives our home.”