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Seaside Property Prices 2006-05-27

Posted by clype in Money, Statistics.
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A former pit village which suffered after the collapse of the coal industry has been named as the country’s top property hotspot. A survey found that average house prices in Seaham, on the edge of the County Durham coalfield, have gone up by 172 per cent to  117 266 GBP in the last three years.

  • The details are in Halifax’s annual seaside price review — it said Seaham outperformed all other towns in “England & Wales” — not just those by the coast.

Of the 124 seaside towns surveyed, the next biggest increases are in Wales — Porthcawl (up 100 per cent to  202 614 GBP) and Caernarfon (up 100 per cent to 132 812 GBP).

In more than half of all the seaside towns surveyed — 71 out of 124 — house prices have increased by at least 50 per cent in total over the past three years.

Most seaside towns (117) have recorded house price increases ahead of the 31 per cent average across Great Britain in the same period.

Seaham, seven miles south of Sunderland, has a 1 200-year history, and has a Saxon church and an attractive working harbour.

Local estate agent Mr.Bill Kimmitt said because prices started lower, the rise in the market has been more noticeable than other places.

He said three years ago a ‘decent’ terraced home could be picked up for  30 000 GBP/40 000 GBP — but prices were now around 70 000 GBP.

The most expensive seaside town is Sandbanks, in Dorset, with an average price of  506 282 GBP — making it one of the UK’s most expensive towns.

Wick in northern Scotland is the least expensive seaside town in Great Britain, with an average price of  64 612 GBP.

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