Lloyds Bank issues £270,000 warning to UK coastal residents

Lloyds Bank has found the UK’s most expensive coastal location – and Salcombe tops the list. The Lloyds Bank Coastal Homes Review tracks house price movements in 198 UK coastal locations. The analysis is based on house price data from the Land Registry and Registers of Scotland.

Salcombe is the UK’s most expensive coastal location, with average property prices of £970,657. The average cost of property in Britain’s most expensive coastal locations fell below £1m last year.

Nationally, the average price of a waterside home now £293,710, down four per cent on the previous year. According to the latest analysis from Lloyds Bank, properties in the town – which boast stunning views across the Kingsbridge Estuary – now cost an average of £970,657, down -22% (or £270,641 in cash) from 2022 ( over £1.2 million). ).

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Sandbanks is close behind in second place with an average price of £957,739. Padstow in Cornwall is third, with houses costing an average of £701,979. The latest figures show that Lyme Regis in Dorset and St Ives in Cornwall make the top 10 most expensive coastal locations, with average property prices in excess of £500,000 in both areas.

Rothesay in Scotland has the lowest cost of coastal property at £101,477. Amanda Bryden, Head of Mortgages, Lloyds Bank, said: “Sea views, sandy beaches, brisk morning dives – it’s easy to see why coastal living is so desirable. Our data shows that the country’s most sought-after coastal locations can attract average prices of almost a million pounds – with properties often in demand for much more.

“These more expensive areas can lead to a lack of affordable housing for first-time buyers, a problem often exacerbated by high levels of second home ownership, meaning many who grew up in the area -may not own their own house. locally.”