The posh peninsula of Sandbanks, on the coast of Dorset in South West England, remains the most expensive seaside spot in Britain to purchase property, despite sizeable price drops in the past year, according to a report Monday from U.K. bank and mortgage lender, Halifax.
This marks the third consecutive year that the coastal hotspot has topped Halifax’s list.
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Buying a property in Sandbanks will cost an average of £626,553 (US$831,523), though prices have fallen £37,494 (US$49,759) over the past 12 months, the report said,
Salcombe in South Devon, also in South West England, ranked as the second most expensive coastal location in Britain, where a property will set you back an average of £577,591 (US$766,544), according to Halifax.
Just like Sandbanks, Salcombe has seen real estate prices fall in the last year, with values dipping £52,702 (US$69,942).
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"It’s no surprise that the South coast continues to be home to the most expensive seaside towns in the country, including those with the greatest growth in house prices over the last 10 years," said Russell Galley, Halifax managing director, in the report.
"What we can see, though, is that the two most desirable locations have in fact seen prices drop over the last year. This fall is likely to have been impacted by the higher costs of stamp duty for these more expensive homes," Mr. Galley said.
In the last decade, the average house price in Britain’s seaside towns has risen by 21%, from an average £193,859 (US$257,278) in 2008 to £234,654 (US$311,418) this year, the report said, an average increase of more than £4,000 (US$5,308) a year.