Revealed: the UK's most affordable seaside towns

That’s according to new research from The Co-operative Bank, which has revealed the most affordable seaside towns in the UK.

Oban, a resort town in idyllic highlands of Scotland, has an average house price of £220,458 coming in at 7.97 times average income and an average monthly rental price of £800 sitting at 34.70% of the average monthly income.

Completing the top three are Morecambe and Blackpool who are tied at second place with average house costs sitting at 7.44 and 6.98 times the cost of the average yearly income, respectively. In terms of rent costs, Morecambe rent costs sit at 37.74% of the average monthly income and Blackpool rent costs sit at 40.02% of the average monthly income.

The lender found that mand for seaside properties has surged by 115% compared to pre-pandemic levels, ‘suggesting that many Brits are eager to swap city living for a life by the coast’.

But as demand grows, so too do prices. To help make the dream of coastal living more achievable, The Co-operative Bank has used data from Rightmove to reveal the most affordable UK coastal towns for both buying and renting.

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The 20 most affordable seaside locations in the UK

Warren Cain, head of mortgage products at The Co-operative Bank, said: “Buying a home, especially in a sought-after seaside location, requires careful financial planning. Start by researching the average house prices in your preferred seaside town and calculate how much deposit you’ll need. Typically, you’ll need to save a minimum of 10% of the cost of the property you want to buy.”

“You’ll also need to figure out how much you can afford to spend and create a budget. You can use tools like our mortgage calculator to see what property price you can afford or what your monthly mortgage repayment could be.

“Don’t forget to consider additional costs of coastal living such as flood insurance premiums that may be higher in coastal locations, the maintenance costs for sea-facing homes such as salty air causing wear and tear, and the commuter costs.”