Two places in Cornwall have been named among the top ten priciest seaside locations to buy a house.
The data has been compiled by Halifax, based on average prices in 2022.
The bank analysed house price data for the 12 months to December 2022, looking at 209 coastal locations in total.
It found Salcombe in Devon to be the most costly in Britain, with the average house price last year being just over £1.2 million.
It overtook Sandbanks in Dorset, which previously topped the list.
In Cornwall, two locations made it into the top ten.
Padstow was at number four, where the average house price was £790,847 last year, while Wadebridge came in at number nine, where homes cost an average of £548,669.
The full top ten list was:
1. Salcombe, Devon, South West, £1,244,025
2. Sandbanks, Dorset, South West, £952,692
3. Aldeburgh, Suffolk, East of England, £794,492
4. Padstow, Cornwall, South West, £790,847
5. Lymington, Hampshire, South East, £663,474
6. Yarmouth, Isle of Wight, South East, £611,816
7. Dartmouth, Devon, South West, £567,985
8. Kingsbridge, Devon, South West, £556,659
9. Wadebridge, Cornwall, South West, £548,669
10. Budleigh Salterton, Devon, South West, £537,681
At the other end of the spectrum, Greenock in Inverclyde, Scotland, was found to have the lowest average house price of the seaside locations analysed, at £97,608.
Halifax’s study showed that, in general, the cost of coastal homes across Britain has increased by 56% between 2012 and 2022, from £195,509 to £304,460.
Padstow also made the list of locations with the biggest house price increases between 2012 and 2022, coming in at joint tenth. Its £790,847 average price represents a 94% increase over the last ten years.
The coronavirus pandemic played a significant role in the surge in prices of houses in coastal and rural locations.
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Kim Kinnaird, mortgages director at Halifax, told the PA News Agency: “For many, owning a home by the sea is an aspiration, with coastal living offering beach walks, clean air and other health benefits.
“But this comes at a price in many locations and Britain’s most expensive seaside spot, Salcombe in Devon, will set buyers back over £1.2 million on average.
“Second home ownership undoubtedly plays a role in driving up prices in the most desirable locations. While house prices in any location are driven by factors such as supply and demand and interest rates, there are also socio-economic factors at play.
“Some of these factors are more acute in Britain’s coastal communities, and many British towns most in need of investment also sit near the shore.”
Halifax used Land Registry data covering England and Wales, in addition to figures from the Registers of Scotland, to make the findings.
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