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Last Updated: Tuesday, 31 August, 2004, 09:18 GMT 10:18 UK
House prices boom by the seaside
Beach
Seaside life comes at a premium
Seaside towns have seen above average house price rises over the past three years, according to a study from Halifax Estate Agents.

The group found that nearly all coastal towns had seen prices rise above the average for England and Wales.

Padstow, in Cornwall, famous for its association with TV chef Rick Stein, has seen the highest price increases -144% up over the past three years.

Overall, nine of the 10 priciest seaside towns are in the south west.

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The most expensive seaside towns are located in the south west but, increasingly, Welsh and Yorkshire seaside locations are recording significant price increases as well
Jeff Pridgeon, Halifax Estate Agents

The study of more than 100 seaside towns in England and Wales was based on house price data produced by the Land Registry.

According to the data, house prices in England and Wales have grown on average by 49% since the second quarter of 2001.

But property prices in 16 of the seaside towns surveyed have more than doubled over the same period.

Overall, only 9 coastal towns endured below average house price growth.

Of the 10 fastest growing towns; four were in the south west, four in Yorkshire, one in Wales and one in the south east.

"Homeowners are clearly prepared to pay a premium for living beside the sea," Jeff Pridgeon, Halifax estate agents managing director, said.

"The most expensive seaside towns are located in the south west but, increasingly, Welsh and Yorkshire seaside locations are recording significant price increases as well."

Seaside towns largest increases
Town Region Avg price Q2 2001 Avg price Q2 2004 Total price rise % increase
Padstow South West 109,833 267,445 157,612 144%
Withernsea Yorkshire 40,061 97,451 57,390 143%
Cardigan Wales 67,375 152,490 85,115 126%
Fowey South West 121,533 268,212 146,679 121%
Penzance South West 89,650 192,511 102,861 115%
Filey Yorkshire 61,585 130,947 69,362 113%
Hornsea Yorkshire 60,508 128,157 67,649 112%
Mevagissey South West 82,105 171,349 89,244 109%
Bridlington Yorkshire 58,891 122,003 63,112 107%
Sandwich South East 109,019 222,776 113,757 104%
Source: Halifax (Land Registry based)


Most expensive seaside towns
Town Region Avg price Q2 2004
Sandbanks South West 386,140
St Mawes South West 285,604
Lymington South East 285,297
Fowey South West 268,212
Padstow South West 267,445
Budleigh South West 265,889
Sidmouth South West 265,055
Lyme Regis South West 241,739
Christchurch South West 241,590
Swanage South West 238,377
Source: Halifax (Land Registry based)




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