If you’re thinking of moving to Lyme Regis it could prove quite costly, according to a new report by Halifax published last week. Rising property prices in the gorgeous Dorset town have now made it one of the most expensive seaside towns in the UK. According to the report, the coastal communities with the most expensive homes tend to be clustered together in the South East and South West of England. Top of the list was Sandbanks in Dorset – with an average property costing £626,500 as of summer 2018.
Second on the list was Salcombe in South Devon (£577,500) with Aldeburgh in Suffolk (£535,800) third. Lyme Regis was in ninth place an average of around £397,500.
Despite retaining the top spot, prices in Sandbanks and Salcombe have dipped slightly in recent years due to an increase in stamp duty for second homes. This is less significant in Lyme Regis where people are more likely to live all year round with plenty to see and do even out of the tourist season.
Stamp Duty for Second Homes
Speaking about the results, Halifax Managing Director, Russell Galley 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.”
Best to invest
If you’re looking to move to Lyme Regis then it is likely that buying there would be a great investment, due to the growing popularity of the area. Sites like Air BnB have made make it easier for people to afford to retire to the coast and keep costs down by renting out a spare room or annexe during the summer months.
The seaside towns that have seen the greatest price surge (and therefore quite likely a great place to invest) are Burnham on Crouch and Whitstable (57% in the last decade) and Aldeburgh (56%)
Least expensive seaside towns
If you think a move to Lyme Regis is still out of your price range, Halifax also revealed the least expensive seaside towns in their report. The top ten are all in Scotland apart from Newbiggin-by-the-Sea in Northumberland (which is almost in Scotland). The cheapest homes are in Millport in Scotland, where they average £81,250.
If you’re thinking of moving to Lyme Regis we have a range of services to suit you – from packing and moving, to long term storage – get in touch today for a no-obligation quote for your move to the coast.