House prices in Withernsea are, on average, 3.0 times local annual gross average earnings. Withernsea is followed by Whitehaven and Maryport – both in Cumbria (both with a house price to earnings ratio of 3.7). Withernsea is the least expensive seaside town with an average price of £91,360.
The ten least affordable seaside towns are all in the South West with Sandbanks followed by Padstow (also 18.9), Fowey (14.4) and Rock (14.0).
The Mumbles in Wales is the least affordable seaside town outside the South East and South West with a house price to earnings ratio of 9.5.
Padstow in Cornwall recorded the largest increase in house prices between 2001 and 2009. The average house price in this South West seaside town increased by 211%, from £135,677 to £421,954.
House prices at least doubled between 2001 and 2009 in almost half of the seaside towns surveyed. The average house price in all seaside towns increased by 92%, outpacing the 81% rise in house prices across England and Wales as a whole.
Prices fell in all but four seaside towns between 2007 and 2009 overall, but a number of towns recorded a recovery in property values in 2009 with Colwyn Bay in north Wales experiencing the largest rise between 2008 and 2009 (10%).
Martin Ellis, housing economist at Halifax, commented:
"Living on the coast offers many attractions, including a typically high quality of life and attractive surroundings. As a result, property in seaside towns is often very popular with homebuyers. Whilst property in seaside towns can be more expensive than elsewhere, exceptional value for many can still be found for those searching to realise their dream of living near the sea."
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