Average house prices in a Suffolk seaside town have broken the half-million pound mark for the first time- making it one of the most expensive coastal locations in the country.
Aldeburgh has taken the title of third priciest seaside location in Britain, according to an annual study by Halifax, with the average property now costing an eye-watering £526,689 based on Land Registry data.
The popular coastal town, once little more than a fishing village, has seen house prices increase by 63% over the last decade – the fourth fastest rate of growth in the country.
It is still some way off the top spot, however, which has been claimed by the glamorous celebrity enclave of Sandbanks in Dorset for the second year running. Salcombe in Devon, the priciest seaside town in 2015, remains in second place.
Over the past decade, house prices in seaside towns have increased by an average of 25%, with second home buyers often blamed for the rise.
Last year, figures showed around 30% of properties in Aldeburgh were second homes – one of the highest levels in the county.
While people living in the town said many second homeowners integrated in the community and often relocated full-time after retiring, the rising number of holiday lets bought as investments was said to be more concerning.
It is not the first time Aldeburgh has featured in seaside property league tables.
Zoopla reported it was the second most expensive seaside town in 2016, when prices were said to average £490,182.
Harry Wass, residential sales director with Flick & Son estate agent, said at the time: “We have an eclectic high street with a good range of national and independent retailers. The beach, sailing and walking facilities, and year-round festivals draw a lot of people to the town – plus, we’re about two hours’ commute from London, giving us an advantage over the likes of Devon and Cornwall.”
The latest Halifax report found a marked north-south divide in property values in seaside towns, with southern England dominating the list.
Martin Ellis, Halifax housing economist, said: “Seaside towns are extremely popular places to live, offering sought-after views and desirable weather. Being by the seaside does come at a price - with the marked increase in house prices reflecting the demand for rooms with a ‘sea’ view.”
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here