Property prices continue to climb in Suffolk seaside town despite downward national trends
PUBLISHED: 08:29 23 June 2018
A Suffolk seaside town has defied national trends to see property prices soar - retaining its position among the top three priciest coastal locations.
Aldebugh has been named Britain’s third most expensive seaside town for the second year running, with an average property price tag of £535,872.
While average prices in the top two towns, Sandbanks in Poole and Salcombe in Devon, dipped in the past year, possibly because of a hike in stamp duty, Aldeburgh has continued to see property values grow.
Halifax’s previous annual review, which tracks house prices across 193 seaside towns, found Aldeburgh had broken the half-million pound marker for the first time at £526,689. It means last year saw continuing growth of 1.7%
National trends show, despite the latest dip, coastal property prices have risen steeply over the past decade, much of which has been attributed to second homes.
In Aldeburgh, around 30% of residential properties are registered as second homes, which has been a cause for concern,
Aldeburgh mayor John Digby said he was very conscious of the effect high property prices had on the ability of local people to buy homes. “As a council, we are actively encouraging the development of affordable homes for local families,” he said.
“Aldeburgh is a beautiful town with a thriving, independent High Street and it’s not difficult to see why people want to buy houses here. But a balance has to be struck between high-value property and homes for local residents and their families. Aldeburgh is a thriving community and the council is determined to look after local people.”
He said one site, previously the town’s police station, would soon be developed with some affordable homes. “The trick with this development is to try and ensure these houses really do go to local people and not bought as second homes,” he added.
Matthew Piercy, a director with Best Estates, said properties in Aldeburgh has remained desirable throughout the 14 years he has been working in the town.
“It’s a small coastal town with relatively few properties so when one does become available they tend to fetch a good price,” he added. “There’s the obvious attraction of its location, right by the sea, the amazing golf courses, and it’s all just two hours away from London.”
Russell Galley, Halifax managing director, said: “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.
“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.”