The town of Salcombe in Devon is the most expensive place to buy a seaside home costing an average of over £1.2 million.
Salcombe in Devon is the most expensive place to buy a seaside home costing £1,244,025 beating last year’s winner Sandbanks in Dorset, according to Halifax.
Average house prices to live on the coast have increased by 4% to £304,460 over the year to 2022 with nine out of ten most expensive seaside towns located in the South West and South East.
Sandbanks is the second most expensive seaside place to buy a home with average prices of £952,692 and Aldeburgh in the East of England third with prices of £794,492.
For older homeowners buying a dream home in retirement in a coastal town can use equity release with a lifetime mortgage with no need to make repayments.
Seaside towns even more popular
Many people aspire to live by the sea for the lifestyle, scenery and health benefits where homes in the warmer South West and South East are popular driving prices higher.
This table from Halifax shows the top ten most expensive seaside towns with average house prices to December 2022.
| Seaside town | Region | House prices |
|---|---|---|
| Salcombe | South West | £1,244,025 |
| Sandbanks | South West | £952,692 |
| Alderburgh | East Anglia | £794,492 |
| Padstow | South West | £790,847 |
| Lymington | South East | £663,474 |
| Yarmouth | South East | £611,816 |
| Dartmouth | South West | £567,985 |
| Kingsbridge | South West | £556,659 |
| Wadebridge | South West | £548,669 |
| Budleigh Salterton | South West | £537,681 |
For the first time average prices are over a million with Salcombe house prices at £1,244,025 rising 33% year-on-year.
The biggest rise in prices over the year is for Yarmouth on the Isle of Wight increasing £212,610 or 53% to average property value of £611,816.
For Aldeburgh in Suffolk property values are higher by £254,610 or 47% and you need an average of £794,492 followed by Campbeltown in Scotland with prices up 41% and average values are £129,348.
If you are already retired and living in a seaside town you can benefit from rising prices by using equity release and arrange a lifetime mortgage to take lump sum cash upfront.
The least expensive coastal towns can be found in Scotland with average property values of £97,608 in Greenock, £105,410 in Girvan and £111,381 in Millport although the weather will be colder.
House prices up 56% in ten years
The desire to live by the sea has driven house prices higher by £108,951 or 56% in the last ten years with average property values rising from £195,509 to £304,460.
Salcombe in the South West has attracted the wealthiest homebuyers with the largest rise in house prices of £685,487 or 123% over the decade with the highest average prices of £1,244,025.
Other seaside towns where prices have doubled are Margate with prices up £158,915 or 109% and average prices of £305,191 and Westgate-On-Sea rising 100% and prices of £308,764.
For older homebuyers you can trade-up to a seaside home when buying a new house with equity release using a lifetime mortgage where no interest payments are required.
In the top twenty biggest rise over the decade, Felixstowe in the east of England is ranked twentieth, up £156,832 or 87% with average values of £336,220.
Find out what seaside property you trade-up to using equity release including interest costs using this link:
Free equity release calculator with instant figures when buying a seaside home.
What are your next steps?
Speak to our London City Mortgage advisers if you are releasing equity to buy a seaside home, we can manage the application through to completing the lifetime mortgage.
Find out more about the leading lifetime mortgage products when buying your dream property using a with this link:
Free equity release quote with interest rates to buy a coastal home.
Our expert advisers can find products accessing cash to maintain your standard of living. Learn more by using the equity release calculator, property value tracker chart and mortgage costs calculator.