Ilfracombe is in a beautiful location and was once a very up market Edwardian seaside destination. It still has the beautiful setting and the old houses. You will get more bang for your buck here than in almost anywhere in the south of England and Exmoor and the beaches are just down the road.
Why is Ilfracombe so cheap?
Because there is little employment and it seems that helf the town is scrounging from the government. The lack of 'education' in the wider sense means that the town has a feeling of poverty which is mostly rare in the south. Any kids who can escape do, the rest hang around getting stoned or racing around in tatty hatchbacks. Go through the high street at the wrong time and you may think that the people you see are all contestants for the Jerry Springer show. I wouldn't live there but if I had a windfall then I'd consider buying property there. Many big old hotels are empty and kids set them on fire. If you are thinking about moving here then bring you work with you. Even better, make this an employment base. Until a half decent employer comes along to form a basis for generation then Ilfracombe will remain off the map. It takes more than 4 hours to drive to London and at least 2 to drive to Bristol so is a little remote.