Seaside towns see house prices double

Wednesday, 01 June 2011 11:20

The past ten years have seen typical house prices in seaside towns rise by over 100 per cent, according to a report from Halifax.

In its Halifax Seaside Town Review, published annually, the financial services provider reports a 128 per cent rise in valuations across 97 English and Welsh resorts.

Wadebridge in Cornwall leads this trend with prices up by 270 per cent, taking them to almost four times their 2001 level.

Halifax housing economist Nitesh Patel says: "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."

The valuations could be bad news for those with aspirations of homeownership, however, as Halifax also this week revealed the UK is becoming a nation of renters.

While 77 per cent of young people still want to own a home, almost half of those aged 20-45 think renting will be normal within the coming generation.

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