Rock named as best performing seaside town
Tuesday, 27 May 2008 8:25 AM
The Cornish village of Rock has been named as the best performing seaside town in terms of property in the England and Wales by a Halifax study.
Average prices in the village - located at the estuary on the north-eastern bank of the River Camel - have increased by 28 per cent over the last year, placing it ahead of 96 other seaside communities.
Rock pipped Sandbanks in Dorset and Fowey, again in Cornwall, to the top of the leader board, with the villages recording growth of 22 and 20 per cent respectively.
Furthermore, Sandbanks continues to be the most expensive seaside town in England and Wales with an average house price of £628,014.
Nine of the ten most expensive seaside towns are in the south-west of England.
According to Halifax, some 18 seaside towns experienced average house growth of 100 per cent or more between 2002 and 2007, with the average for the 97 communities standing at 78 per cent.
Thus seaside towns are found to be outperforming prices across England and Wales as a whole, with average growth of 67 per cent recorded.
Overall seaside property saw growth of eight per cent in average prices during 2007.
Withernsea, in the East Riding of Yorkshire, is the least expensive seaside town, with an average price of £116,923. In 2002, Withernsea was the second least expensive seaside town with an average house price of £49,579.
"Seaside towns again saw good house price growth last year," said Gordon Edwards, managing director, Halifax Estate Agents.
"Properties in quite a few seaside towns have more than doubled in price over the past five years. Many seaside towns trade at a significant premium to the house prices in the surrounding inland towns.
"We now expect some decline in property prices in seaside towns," he added.
"While they are not immune to wider market developments, there will continue to be a premium for coastal properties as people will always like to live by the seaside."
Chris O'Toole
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