Average price of home by the sea up £24,000 in past year

The average price of a home by the sea has increased by more than £24,000 over the past year, according to analysis.

At £265,978 on average, this is an annual leap of 10% or £24,055, Halifax said.

Salcombe in Devon was identified as Britain’s most expensive seaside town, with an average house price of £950,325.

St Mawes in Cornwall has seen the biggest increase in average house prices of any seaside town over the past year, up by nearly half (48%) from £339,912 to £501,638.

Scotland dominates the list of Britain’s least expensive seaside towns, with Millport on the Isle of Cumbrae, North Ayrshire, offering the most affordable properties at an average of just £74,148.

Over the past 10 years, the average house price in Britain’s seaside towns has risen by 36%, or £71,046, from an average of £194,932 in 2011.

Padstow in Cornwall has seen the biggest average price rise of any seaside town over the past decade, with prices jumping by over a quarter of a million pounds (£264,910), from £351,458 to £616,368.

Russell Galley, Halifax managing director, said: “As many people re-evaluate their work and lifestyle priorities, the South West has been a magnet for those drawn to a life by the water, with Salcombe, Sandbanks and Padstow the three most expensive seaside locations in Britain.

“However, more affordable options exist for those willing to move further north, with many towns on Scotland’s coastline offering great value for money.”

Here are Britain’s most expensive seaside towns according to Halifax, with the average house price:

1. Salcombe, South West, £950,325

2. Sandbanks, South West, £835,971

3. Padstow, South West, £616,368

4. Lymington, South East, £570,451

5. Aldeburgh, East Anglia, £566,339

6. Wadebridge, South West, £536,760

7. Dartmouth, South West, £523,182

8. St Mawes, South West, £501,638

9. East Wittering, South East, £494,025

10. Fowey, South West, £488,083

Here are Britain’s least expensive seaside towns according to Halifax, with the average house price:

1. Millport, North Ayrshire, Scotland, £74,148

2. Girvan, South Ayrshire, Scotland, £90,210

3. Campbeltown, Argyll and Bute, Scotland, £92,726

4. Rothesay, Argyll and Bute, Scotland, £97,753

5. Greenock, Inverclyde, Scotland, £99,994

6. Saltcoats, North Ayrshire, Scotland, £102,164

7. Thurso, Highland, Scotland, £104,041

8. Wick, Highland, Scotland, £106,062

9. Irvine, North Ayrshire, Scotland, £109,685

10. Stranraer, Dumfries and Galloway, Scotland, £110,674