High tide for seaside properties, but locals fear being priced out

It might be nice to be beside the seaside, but it sure isn't cheap. The cost of buying a property by the sea has more than doubled in the past decade, figures released today reveal.

House prices in seaside towns throughout England and Wales have soared by 128 per cent since 2001, with seven out of 10 seeing greater increases in property values than for the country as a whole, according to Halifax figures.

But it is not good news for most local residents, who claim that the spiralling price increases are being driven by people from outside the area buying second homes. Those who live there all the year round are finding it increasingly difficult to get a foot on the housing ladder.

Wadebridge in north Cornwall has seen the biggest gains, with house prices more than tripling in the past 10 years, from an average of £100,406 to £370,902. But yesterday residents of the town – a charming blend of boutique shops, independent butchers and bakers – pointed out the detrimental effect of the rise.

"If you're a young local it's hard to get on the ladder. There isn't the income around here for people to get a mortgage," said Paul Howard, a deputy head teacher in the town. "Tourism and second homes are the main drivers. It certainly wouldn't be local wages because they are quite low."

Maryport in the Lake District has seen average property values jump by 192 per cent to £119,604, while in Tenby in Wales they have risen by 186 per cent. With three beaches and a medieval town centre, Tenby is a big draw for tourists in the summer season, and also for second home buyers.

"A lot of people are buying holiday homes in the area, and local people are renting them out because they can't afford a mortgage," said Anne Rossi, the owner of the Ivy Bank Guest House in Tenby. "You still find a lot of houses are lying empty in the winter."

Other towns have managed to find a comfortable equilibrium. Fowey in Cornwall is in the top five most expensive seaside towns, with homes going for an average of £335,817.

"It's all about the balance," said Lynne Goold, who has live in Fowey for 35 years. "We have a mixture of second homes and dedicated holiday homes. A lot of them spend a lot of time here though, on weekends and for long periods throughout the year. They are also well integrated when they are here."

She added: "I don't think we've ever found it a problem. We welcome the tourists because they are what help us to carry on going."

Six of the top 10 seaside towns that have seen the biggest gains since 2001 are in the north of England or Wales, with three in the South West and one in East Anglia.

However, the 10 most expensive seaside towns are all in the South West, with Sandbanks in Dorset leading the way. There the average property value is £532,652, followed by Padstow in Cornwall at £381,916.

Outside of southern England, the Mumbles in Swansea has the highest house prices, with homes valued at an average of £263,494, followed by Tenby at £229,690 and Alnwick in Northumberland at £220,228.

Nitesh Patel, a housing economist at Halifax, said: "Seaside towns have always been popular places to live, but they have perhaps become even more so in recent years. This is certainly true if we take house prices as an indicator of desirability.

"Seaside towns have a distinct advantage over urban areas in offering that all-important sea view, and they typically have a high quality of life and a healthy environment. There is a romance associated with living by the sea and this is evident in the high house prices seen in many of these areas."

Five most expensive spots by the sea

1. Sandbanks, Dorset

Billed as the UK's answer to Monte Carlo, the average house price on this peninsula in Poole is £532,352. Millionaires looking for a quiet life beware: Liam Gallagher is a frequent visitor and is rumoured to be looking for a property there.



2. Padstow, Cornwall

Home to the Camel Trail – one of the most popular recreational routes in the country – houses in this harbour town go for an average of £381,916.



3. Wadebridge, North Cornwall

This market town in North Cornwall prides itself on a thriving high street full of independent shops. The average price for a house is £370,902



4. Fowey, South Cornwall

On the south coast of Cornwall, Fowey is designated an Area of Outstanding Natural Beauty, and is home to a commercial seaport. Homes here are sold for an average of £363,494.



5. Lymington, Hampshire

A charming Georgian market town near the New Forest, Lymington has the benefit of being on the coast and on the west bank of the River Solent. The average house price here is £347,369.

Sport
The Pipes and Drums of The Scottish Regiments perform during the Opening Ceremony for the Glasgow 2014 Commonwealth Games at Celtic Park on July 23, 2014 in Glasgow, Scotland.
Commonwealth gamesThe actor encouraged the one billion viewers of the event to donate to the children's charity
Sport
Members of the Scotland deleagtion walk past during the opening ceremony of the 2014 Commonwealth Games at Celtic Park in Glasgow on July 23, 2014.
Voices
voicesGood for Lana Del Rey for helping kill that myth, writes Grace Dent
Sport
Shinji Kagawa and Reece James celebrate after the latter scores in Manchester United's 7-0 victory over LA Galaxy
football
PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
News
ebookA unique anthology of reporting and analysis of a crucial period of history
Arts and Entertainment
The Tour de France peloton rides over a bridge on the Grinton Moor, Yorkshire, earlier this month
film
Life and Style
fashion Designs are part of feminist art project by a British student
News
Very tasty: Vladimir Putin dining alone, perhaps sensibly
news
Life and Style
Listen here: Apple EarPods offer an alternative
techAre custom, 3D printed earbuds the solution?
Arts and Entertainment
Top guns: Cole advised the makers of Second World War film Fury, starring Brad Pitt
filmLt-Col Steven Cole is the man Hollywood calls when it wants to borrow a tank or check a uniform
News
The University of California study monitored the reaction of 36 dogs
sciencePets' range of emotions revealed
News
Snoop Dogg pictured at The Hollywood Reporter Nominees' Night in February, 2013
people... says Snoop Dogg
Arts and Entertainment
A scene from Shakespeare in Love at the Noel Coward Theatre
theatreReview: Shakespeare in Love has moments of sheer stage poetry mixed with effervescent fun
News
Joining forces: young British men feature in an Isis video in which they urge Islamists in the West to join them in Iraq and Syria
newsWill the young Britons fighting in Syria be allowed to return home and resume their lives?
Arts and Entertainment
The nomination of 'The Wake' by Paul Kingsnorth has caused a stir
books
News
i100
Life and Style
food + drinkZebra meat is exotic and lean - but does it taste good?
Independent
Travel Shop
the manor
Up to 70% off luxury travel
on city breaks Find out more
santorini
Up to 70% off luxury travel
on chic beach resorts Find out more
sardina foodie
Up to 70% off luxury travel
on country retreats Find out more
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

BI Manager - £50,000

£49000 - £55000 per annum + competitive: Progressive Recruitment: My client is...

BI Project Manager - £48,000 - £54,000 - Midlands

£48000 - £54000 per annum + Benefits package: Progressive Recruitment: My clie...

VB.Net Developer

£35000 - £45000 per annum + competitive: Progressive Recruitment: If you're pa...

SAP Business Consultant (SD, MM and FICO), £55,000, Wakefield

£45000 - £55000 per annum + competitive: Progressive Recruitment: SAP Business...

Day In a Page

Screwing your way to the top? Good for Lana Del Rey for helping kill that myth

Screwing your way to the top?

Good for Lana Del Rey for helping kill that myth, says Grace Dent
Will the young Britons fighting in Syria be allowed to return home and resume their lives?

Will Britons fighting in Syria be able to resume their lives?

Tony Blair's Terrorism Act 2006 has made it an offence to take part in military action abroad with a "political, ideological, religious or racial motive"
Beyoncé poses as Rosie the Riveter, the wartime poster girl who became a feminist pin-up

Beyoncé poses as Rosie the Riveter

The wartime poster girl became the ultimate American symbol of female empowerment
The quest to find the perfect pair of earphones: Are custom, 3D printed earbuds the solution?

The quest to find the perfect pair of earphones

Earphones don't fit properly, offer mediocre audio quality and can even be painful. So the quest to design the perfect pair is music to Seth Stevenson's ears
US Army's shooting star: Lt-Col Steven Cole is the man Hollywood calls when it wants to borrow a tank or check a military uniform

Meet the US Army's shooting star

Lt-Col Steven Cole is the man Hollywood calls when it wants to borrow a tank or check a military uniform
Climate change threatens to make the antarctic fur seal extinct

Take a good look while you can

How climate change could wipe out this seal
Should emergency hospital weddings be made easier for the terminally ill?

Farewell, my lovely

Should emergency hospital weddings be made easier?
Man Booker Prize 2014 longlist: Crowdfunded novel nominated for first time

Crowdfunded novel nominated for Booker Prize

Paul Kingsnorth's 'The Wake' is in contention for the prestigious award
Vladimir Putin employs a full-time food taster to ensure his meals aren't poisoned

Vladimir Putin employs a full-time food taster

John Walsh salutes those brave souls who have, throughout history, put their knives on the line
Tour de France effect brings Hollywood blockbusters to Yorkshire

Tour de France effect brings Hollywood blockbusters to Yorkshire

A $25m thriller starring Sam Worthington to be made in God's Own Country
Will The Minerva Project - the first 'elite' American university to be launched in a century - change the face of higher learning?

Will The Minerva Project change the face of higher learning?

The university has no lecture halls, no debating societies, no sports teams and no fraternities. Instead, the 33 students who have made the cut at Minerva, will travel the world and change the face of higher learning
The 10 best pedicure products

Feet treat: 10 best pedicure products

Bags packed and all prepped for holidays, but feet in a state? Get them flip-flop-ready with our pick of the items for a DIY treatment
Commonwealth Games 2014: Great Scots! Planes and pipers welcome in Glasgow's Games

Commonwealth Games 2014

Great Scots! Planes and pipers welcome in Glasgow's Games
Jack Pitt-Brooke: Manchester City and Patrick Vieira make the right stand on racism

Jack Pitt-Brooke

Manchester City and Patrick Vieira make the right stand on racism
How Terry Newton tragedy made iron men seek help to tackle their psychological demons

How Newton tragedy made iron men seek help to tackle their psychological demons

Over a hundred rugby league players have contacted clinic to deal with mental challenges of game