The cost of living by the seaside

If you have long dreamed of leaving the rat race and setting up home in a seaside town, but have been put off by the cost, you should be setting your sights up north.

According to the latest Halifax Estate Agents Town Review which tracks housing affordability in seaside towns, the ten most affordable seaside towns for housing in England and Wales are all in northern England.

Whitehaven in Cumbria was found to have the most affordable housing of any seaside town in England and Wales, based on based on the average house price to earnings ratio in 2009 quarter one, followed by Withernsea in East Yorkshire and Maryport in Cumbria. In all three towns, the house price to average earnings ratio is below the national long-term historical average of 4.0.

Outside northern England the most affordable seaside town in 2009 is Skegness (5.0) followed by Bexhill on Sea (5.1). Barry (5.0) and Rhyl (5.1) are the most affordable seaside towns in Wales.

To find the most expensive seaside housing in the England and Wales, you would need to look down the coast, where the warmer weather gradually pushes up prices. The least affordable seaside towns are in the South West, with the average cost of housing in Sandbanks, Dorset coming in at 21.7 times the average salary.

Pwllheli saw the largest increase in house prices during the eight years between March 2001 and March 2009. The average house price in this Welsh seaside town increased by 206%, from £70,970 to £217,253. The next biggest increases were in Rock in Cornwall (200%) and Maryport in Cumbria (177%).

Nitesh Patel, housing economist at Halifax, said:

“Property in many seaside towns continues to trade at a premium compared to England and Wales, due to the desire of many people to live near the coast. Living on the coast has many unique attractions, such as the climate, exceptional quality of life and the landscape. “

“Since 2007, housing affordability has improved in most seaside towns due to lower house prices and higher gross earnings. Affordability has improved most in seaside towns in Wales, northern England and East Anglia.”

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