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Seaside Property Prices Double

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http://news.uk.msn.com/uk/articles.aspx?cp-documentid=157936481

Seaside property prices double

The cost of owning a property by the sea has more than doubled in the past decade, figures have shown.

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

Wadebridge in 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, followed by Maryport in the Lake District, with average property values jumping 192% to £119,604, while in Tenby in Wales they have risen by 186%.

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

But despite this, all of the 10 most expensive seaside towns are in the South West, with Sandbanks in Dorset leading the way, with average property values of £532,652, followed by Padstow in Cornwall at £381,916. Wadebridge and Fowey, both also in Cornwall, and Lymington in Hampshire, complete the top five most expensive seaside towns.

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

Nitesh Patel, 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."

But not all seaside towns command high prices, with properties in Withernsea in the East Riding of Yorkshire valued at an average of just £99,153, while homes in Fleetwood, Lancashire, cost only £102,908, and those in the traditional resort of Blackpool average £111,003.

Rhyl has the best seaside bargains in Wales, with house prices of £121,838, while Lowestoft in Suffolk is the cheapest coastal town in southern England at £141,097.

Any truth in this?

I know TMT was having problems down in the Gower

The Mrs. has a lot of family in Cornwall , was considering going down there ourselves

Seems this story in all newspapers this morning.....

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Seems this story in all newspapers this morning.....

This story is also being broadcast on bbc radio bulletins.

Imo this story is being used as a nice bit of property ramping for a big audience on a bank holiday Monday.

And maybe prices on the coast are no longer increasing, if they are having to report on increases going back over a 10 year period?

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And maybe prices on the coast are no longer increasing, if they are having to report on increases going back over a 10 year period?

Good comment, you have almost certainly hit the nail on the head.

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Given that most living in seaside towns work in notoriously low paid hospitality/tourism, are on the dole or are retired, the headline could also read: "Seaside property prices are the most fundamentally overpriced in the UK".

Also, anyone who has ever been to Rhyl will understand why it's so cheap :D

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This story is also being broadcast on bbc radio bulletins.

Imo this story is being used as a nice bit of property ramping for a big audience on a bank holiday Monday.

And maybe prices on the coast are no longer increasing, if they are having to report on increases going back over a 10 year period?

Asking prices in the coastal area we have lived in for the last five years are 10% to 15% down from what they were when we started renting here (or there as we're in France at the moment) :D.

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I've been looking in Lymington (number five on this most expensive list) for a few years. Prices are certainly not going up, and haven't for at least two years, but there's no evidence that they're going down much either. Sadly the opening a Poundland on the High Street hasn't yet demonstrated to vendors that cutting prices drives volume!

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I hear Margates prices haven't doubled, but their benefit pay outs have :ph34r:

Edited by Ungeared

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Havn't the inland prices risen accordingly?? :blink:

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http://www.rightmove.co.uk/property-for-sale/property-33742676.html

Wish i'd seen this before it doubled in price, bugger, I always miss the boat :rolleyes:

Even in a place where (for no obvious reason) there are "sea-view" flats at up to 300K you can get this for 50K

http://www.rightmove.co.uk/property-for-sale/property-33023942.html?premiumA=true

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

Any truth in this?

Well, Alnwick isn't even on the coast!

Edited by What's'isname

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http://news.uk.msn.com/uk/articles.aspx?cp-documentid=157936481

Seaside property prices double

The cost of owning a property by the sea has more than doubled in the past decade, figures have shown.

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

Wadebridge in 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, followed by Maryport in the Lake District, with average property values jumping 192% to £119,604, while in Tenby in Wales they have risen by 186%.

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

But despite this, all of the 10 most expensive seaside towns are in the South West, with Sandbanks in Dorset leading the way, with average property values of £532,652, followed by Padstow in Cornwall at £381,916. Wadebridge and Fowey, both also in Cornwall, and Lymington in Hampshire, complete the top five most expensive seaside towns.

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

Nitesh Patel, 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."

But not all seaside towns command high prices, with properties in Withernsea in the East Riding of Yorkshire valued at an average of just £99,153, while homes in Fleetwood, Lancashire, cost only £102,908, and those in the traditional resort of Blackpool average £111,003.

Rhyl has the best seaside bargains in Wales, with house prices of £121,838, while Lowestoft in Suffolk is the cheapest coastal town in southern England at £141,097.

Any truth in this?

I know TMT was having problems down in the Gower

The Mrs. has a lot of family in Cornwall , was considering going down there ourselves

Seems this story in all newspapers this morning.....

Sounds like a lot of shoemenders to me. I live on the Sussex Coast and am seeing prices drop like stones into the sea.

Buying one myself and it was around £289-299k at the peak and a snap at £220k. I expect it will drop another 10-20% over the next couple of years but I just got tired of waiting. And rents around here are kin outrageous.

Edited by Realistbear

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Even in a place where (for no obvious reason) there are "sea-view" flats at up to 300K you can get this for 50K

http://www.rightmove.co.uk/property-for-sale/property-33023942.html?premiumA=true

The second "local" thread for me to post on in a week.

The average wage in the Tenby area is around £12k-15k. There has been a massive influx of people from outside the area in the last 10-15 years, predominantly from across the border, pushing prices up higher and higher (the in-laws have just sold their gaff to such people). Council houses have been upwards of £120k for at least five years. Local people cannot afford to buy property without heading down Mr Pebble's fabled route. Much of the property has been for sale for a couple of years but prices have nudged down only sightly since 2007, if at all.

Yes, it is a lovely part of the world to live in but there are NO jobs (unless you want to work in the care industry or want to drive a taxi)

If (when?) a crash comes I will certainly be in negative equity - I knew what I was signing up for when I bought - but it might give my kids a chance when their time comes.

Bring it on.

TLL

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Sounds like a lot of shoemenders to me. I live on the Sussex Coast and am seeing prices drop like stones into the sea.

Buying one myself and it was around £289-299k at the peak and a snap at £220k. I expect it wioll drop another 10-20% over the next couple of years but I just got tired of waiting. And renmts aorund here are kin outrageous.

Surely £125k would have been a snip and probably closer to what it is actually worth?

TLL

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Surely £125k would have been a snip and probably closer to what it is actually worth?

TLL

Strangely enough, I found it on RM as soon as it hit the net. Made an appt for 10 am on the morning it was listed and decided to buy it on the spot. Within 2 hours there were 3 more offers. The sellers said they had no idea my area was still able to move houses. They wanted a cash buyer and as it is an estate sale did not want to get into a lot of bargaining. I just got "lucky" by being vigilant and seeing a bargain. Anything under £250k if it is good will sell around here. But that is at least £50k down from peak. Bigger gaffs in the £300k plus range are dead in the water. The 3% tax has killed anything over £250k.

Edited by Realistbear

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Good comment, you have almost certainly hit the nail on the head.

Personally I have always thought that outside the trendy places, seaside properties have always been under valued.

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That usual tabloid is shouting house prices to soar by 16% and another shouting that the UK is to be a nation of renters as people cannot afford homes, just seen the Sky review

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  • 276 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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