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| Salcombe named UK's most expensive seaside town | Salcombe named UK's most expensive seaside town |
| (about 1 hour later) | |
| The average house price in Salcombe has jumped by 123% since 2012, according to Halifax | The average house price in Salcombe has jumped by 123% since 2012, according to Halifax |
| Britain's most expensive seaside town is Salcombe in Devon - with an average house price of more than £1.2m in 2022, according to Halifax. | Britain's most expensive seaside town is Salcombe in Devon - with an average house price of more than £1.2m in 2022, according to Halifax. |
| Salcombe overtook Sandbanks, in Dorset, which was the priciest seaside spot in 2021. | Salcombe overtook Sandbanks, in Dorset, which was the priciest seaside spot in 2021. |
| According to the bank's analysis, seven of the top 10 most expensive seaside spots were in Devon and Cornwall. | According to the bank's analysis, seven of the top 10 most expensive seaside spots were in Devon and Cornwall. |
| The least expensive seaside location was Greenock, Scotland, where the average house price was £97,608. | |
| The bank analysed house price data for 209 coastal locations across England, Wales and Scotland in the 12 months to December 2022. | The bank analysed house price data for 209 coastal locations across England, Wales and Scotland in the 12 months to December 2022. |
| 'Quite difficult' | |
| Salcombe's main attraction is the picturesque estuary that forms the town's extensive waterfront, making it a popular place for water activities. | |
| It is also favoured by ramblers who are drawn to the area's steep coastal paths. | It is also favoured by ramblers who are drawn to the area's steep coastal paths. |
| While it is rich in natural beauty, Salcombe "does not function like a normal town", according to South Hams District Council leader Judy Pearce. | |
| Ms Pearce, a Conservative councillor for Salcombe and Thurlestone, said the high proportion of second homes in the town "makes life quite difficult". | |
| She said the population surges from about 2,000 to more than 23,000 in the summer months. | |
| "In the winter the town is absolutely dead," she said. "It's like a morgue." | |
| "There is nobody around at all. The lifeblood of the town is stripped out. | |
| "In a community you have a lot of people doing voluntary jobs [but] there just isn't the manpower in Salcombe." | |
| House hunters | |
| Many of the most expensive seaside locations in the Halifax analysis were found along the coastline of southern England, all areas popular with second homeowners. | |
| Back in 2012 the average house price in Salcombe, at £558,538, was less than half the typical 2022 value. | |
| According to the Halifax study, the cost of coastal homes across the UK increased by 56% between 2012 and 2022, from £195,509 to £304,460. | According to the Halifax study, the cost of coastal homes across the UK increased by 56% between 2012 and 2022, from £195,509 to £304,460. |
| During the early months of the Covid pandemic, coastal and rural locations were particularly popular as house hunters looked for properties with more space. | During the early months of the Covid pandemic, coastal and rural locations were particularly popular as house hunters looked for properties with more space. |
| Padstow was named the priciest seaside spot in Cornwall | Padstow was named the priciest seaside spot in Cornwall |
| Other locations where house prices have at least doubled over the past decade include Margate and Westgate-on-Sea in Kent. | Other locations where house prices have at least doubled over the past decade include Margate and Westgate-on-Sea in Kent. |
| By the end of 2022, a home in Margate cost 109% more, on average, than it did in 2012, rising from £146,276 to £305,191. | By the end of 2022, a home in Margate cost 109% more, on average, than it did in 2012, rising from £146,276 to £305,191. |
| The average cost of a property in Westgate-on-Sea doubled, from £154,686 to £308,764. | The average cost of a property in Westgate-on-Sea doubled, from £154,686 to £308,764. |
| 'Broad spectrum' | 'Broad spectrum' |
| Kim Kinnaird, mortgages director at Halifax, said owning a home by the sea was an "aspiration" for many. | Kim Kinnaird, mortgages director at Halifax, said owning a home by the sea was an "aspiration" for many. |
| "But this comes at a price in many locations and Britain's most expensive seaside spot, Salcombe in Devon, will set buyers back over £1.2m on average," she said. | "But this comes at a price in many locations and Britain's most expensive seaside spot, Salcombe in Devon, will set buyers back over £1.2m on average," she said. |
| "When we delve deeper into the cost of Britain's seaside homes it's clear that there is a broad spectrum in house prices." | "When we delve deeper into the cost of Britain's seaside homes it's clear that there is a broad spectrum in house prices." |
| She said second home ownership "undoubtedly" played a role in driving up house prices in desirable locations. | She said second home ownership "undoubtedly" played a role in driving up house prices in 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," she said. | "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," she said. |
| "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." | "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." |
| Ms Pearce said the council was "fairly limited" in what it could do to make homes more affordable in Salcombe. | |
| She said new builds in the area had a residency condition, there were cash incentives for homeowners to downsize and the council was building as many affordable homes as possible. | |
| The authority has also agreed to charge second homeowners double council tax if legislation is approved by Parliament. | |
| Ms Pearce said of the measures: "What we can do is a drop in the ocean, and that's the problem." | |
| Halifax used Land Registry data covering England and Wales in addition to figures from the Registers of Scotland for the study. | Halifax used Land Registry data covering England and Wales in addition to figures from the Registers of Scotland for the study. |
| The 10 most expensive seaside towns in Britain, according to Halifax analysis | The 10 most expensive seaside towns in Britain, according to Halifax analysis |
| 1. Salcombe, Devon, South West - £1,244,025 | 1. Salcombe, Devon, South West - £1,244,025 |
| 2. Sandbanks, Dorset, South West - £952,692 | 2. Sandbanks, Dorset, South West - £952,692 |
| 3. Aldeburgh, Suffolk, East of England - £794,492 | 3. Aldeburgh, Suffolk, East of England - £794,492 |
| 4. Padstow, Cornwall, South West - £790,847 | 4. Padstow, Cornwall, South West - £790,847 |
| 5. Lymington, Hampshire, South East - £663,474 | 5. Lymington, Hampshire, South East - £663,474 |
| 6. Yarmouth, Isle of Wight, South East - £611,816 | 6. Yarmouth, Isle of Wight, South East - £611,816 |
| 7. Dartmouth, Devon, South West - £567,985 | 7. Dartmouth, Devon, South West - £567,985 |
| 8. Kingsbridge, Devon, South West - £556,659 | 8. Kingsbridge, Devon, South West - £556,659 |
| 9. Wadebridge, Cornwall, South West - £548,669 | 9. Wadebridge, Cornwall, South West - £548,669 |
| 10. Budleigh Salterton, Devon, South West - £537,681 | 10. Budleigh Salterton, Devon, South West - £537,681 |
| The 10 least expensive seaside towns in Britain, according to Halifax analysis | The 10 least expensive seaside towns in Britain, according to Halifax analysis |
| 1. Greenock, Inverclyde, Scotland - £97,608 | 1. Greenock, Inverclyde, Scotland - £97,608 |
| 2. Girvan, Ayrshire, Scotland - £105,410 | 2. Girvan, Ayrshire, Scotland - £105,410 |
| 3. Millport, Ayrshire, Scotland - £111,381 | 3. Millport, Ayrshire, Scotland - £111,381 |
| 4. Invergordon, Ross and Cromarty, Scotland - £114,962 | 4. Invergordon, Ross and Cromarty, Scotland - £114,962 |
| 5. Saltcoats, Ayrshire, Scotland - £116,414 | 5. Saltcoats, Ayrshire, Scotland - £116,414 |
| 6. Newbiggin-by-the-Sea, Northumberland, North East - £117,663 | 6. Newbiggin-by-the-Sea, Northumberland, North East - £117,663 |
| 7. Stranraer, Dumfries and Galloway, Scotland - £117,884 | 7. Stranraer, Dumfries and Galloway, Scotland - £117,884 |
| 8. Wick, Caithness, Scotland - £124,857 | 8. Wick, Caithness, Scotland - £124,857 |
| 9. Thurso, Caithness, Scotland - £126,716 | 9. Thurso, Caithness, Scotland - £126,716 |
| 10. Campbeltown, Argyll and Bute, Scotland - £129,348 | 10. Campbeltown, Argyll and Bute, Scotland - £129,348 |
| The 10 seaside towns with the biggest increases between 2012 and 2022, according to Halifax analysis | The 10 seaside towns with the biggest increases between 2012 and 2022, according to Halifax analysis |
| 1. Salcombe, Devon, South West, £1,244,025 - 123% | 1. Salcombe, Devon, South West, £1,244,025 - 123% |
| 2. Margate, Kent, South East, £305,191 -109% | 2. Margate, Kent, South East, £305,191 -109% |
| 3. Westgate-on-Sea, Kent, South East, £308,764 - 100% | 3. Westgate-on-Sea, Kent, South East, £308,764 - 100% |
| =4. Birchington, Kent, South East, £386,040 - 98% | =4. Birchington, Kent, South East, £386,040 - 98% |
| =4. Aldeburgh, Suffolk, East of England, £794,492 - 98% | =4. Aldeburgh, Suffolk, East of England, £794,492 - 98% |
| =6. Deal, Kent, South East, £391,325 - 97% | =6. Deal, Kent, South East, £391,325 - 97% |
| =6. Ramsgate, Kent, South East, £307,737 - 97% | =6. Ramsgate, Kent, South East, £307,737 - 97% |
| =6. Yarmouth, Isle of Wight, South East, £611,816 - 97% | =6. Yarmouth, Isle of Wight, South East, £611,816 - 97% |
| 9. Whitstable, Kent, South East, £483,692 - 95% | 9. Whitstable, Kent, South East, £483,692 - 95% |
| =10. Padstow, Cornwall, South West, £790,847 - 94% | =10. Padstow, Cornwall, South West, £790,847 - 94% |
| =10. Burnham-On-Crouch, Essex, East of England, £418,609 - 94% | =10. Burnham-On-Crouch, Essex, East of England, £418,609 - 94% |
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| Related Topics | Related Topics |
| Housing market | Housing market |
| Salcombe | Salcombe |