Salcombe in Devon is the most expensive seaside setting in Britain to buy a home, according to Halifax.

The lender found that the average home in Salcombe is over £1.2 milion. Average prices have increased by 123% (£558,538 vs £1,244,025) over the last decade.

The cost of coastal homes in Britain more than doubled (56%) between 2012 and 2022 to an average £304,460.

In second place was last year’s most expensive seaside hotspot – Sandbanks in Dorset – with an average price tag of £952,692, with Aldeburgh making up the top three most expensive seaside areas to buy a home. The Suffolk spot will set buyers back £794,492, on average, and is the only place outside of the South West or South East of England to appear in the top 10.

Below are Britain’s most expensive seaside locations:

1. Salcombe, South West: £1,244,025

2. Sandbanks, South West: £952,692

3. Aldeburgh, East of England: £794,492

4. Padstow, South West: £790,847

5. Lymington, South East: £663,474

6. Yarmouth, South East: £611,816

7. Dartmouth, South West: £567,985

8. Kingsbridge, South West: £556,659

9. Wadebridge, South West, £548,669

10. Budleigh Salterton, South West: £537,681

Cheapest seaside areas

The lowest average price for a home near the sea can be found in Greenock, Scotland, where homes cost on average £97,608. With the exception of Newbiggin-by-the Sea (in the North East of England), nine of the 10 least expensive seaside locations are in Scotland.

Britain’s least expensive seaside locations are:

1. Greenock, Scotland: £97,608

2. Girvan, Scotland: £105,410

3. Millport, Scotland: £111,381

4. Invergordon, Scotland: £114,962

5. Saltcoats, Scotland: £116,414

6. Newbiggin-by-the-Sea, North East: £117,663

7. Stranraer, Scotland: £117,884

8. Wick, Scotland: £124,857

9. Thurso, Scotland: £126,716

10. Campbeltown, Scotland: £129,348

Kim Kinnaird, mortgages director at Halifax said: “For many, owning a home by the sea is an aspiration, with coastal living offering beach walks, clean air and other health benefits. But this comes at a price in many locations and Britain’s most expensive seaside spot, Salcombe in Devon, will set buyers back over £1.2 million on average.

“When we delve deeper into the cost of Britain’s seaside homes, it’s clear that there is a broad spectrum in house prices. Whilst million-pound properties are abundant in the South West of England, in contrast, homes in Greenock in Scotland are valued on average at less than £100,000.

“Second home ownership undoubtedly plays a role in driving up prices in the most desirable locations. While house prices in any location are driven by factors such as supply and demand and interest rates, there are also socio-economic factors at play. Some of these factors are more acute in Britain’s coastal communities, and many British towns most in need of investment also sit near the shore.”