Cheapest and most expensive coastal locations to buy a house revealed
OWNING a slice of paradise just moments from the sea is a dream for many home hunters.
And you could make your fantasy a reality with average house prices in some coastal spots coming with an average price tag of £100,000.
The most and lease expensive places to live by the seaside in Britain have been revealed meaning you can search for a home depending on your budget.
Salcombe in Devon is the most expensive place in Britain to buy a home by the coast, according to analysis from Lloyds Bank.
Properties in the town, which boasts stunning views across the Kingsbridge estuary, cost a whopping £970,657 on average.
In second place is Sandbanks, which is home to celebrity residents including Harry Redknapp.
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Average prices in the town are £957,739.
Padstow in Cornwall takes the third spot. The town has been popularised by celebrity chef Rick Stein and homes cost an average £701,979.
Lyme Regis, Dorset and St Ives, Cornwall have also entered the top 10 of most expensive coastal locations, with average property prices of over £500,000 in both areas.
On the other hand, there are more affordable places to call home by the sea, especially the further north you head.
All ten of the least expensive coastal locations are in Scotland.
And the cheapest coastal property prices are found in Rothesay, on the Isle of Bute, where homes cost £101,477 on average – a price that has dropped by a third since 2022.
Overall, the average coastal home is now £293,710, 4% lower than in 2022 but almost double the price ten years ago.
Costal properties in Margate in the South East and Amlwch in Wales have more than doubled in the last decade to £309,049 and £255,189 respectively.
Amanda Bryden, head of mortgages at Lloyds Bank said: “Sea views, sandy beaches, brisk morning dips – it’s easy to see why coastal living is so desirable.
“Our data shows the most sought-after coastal locations in the country can attract average price tags of close to a million pounds – with in demand properties often going for much more.
“These pricier areas can result in a lack of affordable homes for first-time buyers, a problem often exacerbated by high levels of second home ownership, meaning that many who have grown up in the area may find themselves priced out of owning their own home locally.”
How to buy your first home
Getting on the property ladder at all can seem like a daunting task but there are schemes out there to help first-time buyers have their own home.
Lifetime ISA - This is a Government scheme that gives anyone aged 18 to 39 the chance to save tax-free and get a bonus of up to £32,000 towards their first home.
You can save up to £4,000 a year and the Government will add 25% on top.
Shared ownership - Co-owning with a housing association means you can buy a part of the property and pay rent on the remaining amount.
You can buy anything from 25% to 75% of the property but you're restricted to specific ones.
Mortgage guarantee scheme - Available for first-time buyers and those who've owned a property before who have a minimum 5% deposit.
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It can be used to buy any type of home so long as you don't pay more than £600,000 for it.
By providing a guarantee that the government will cover some of a lender's losses if a borrower can't afford to repay their mortgage and the home is repossessed - more lenders are prepared to lend up to 95%.
How to get the best deal on your mortgage
IF you're looking for a traditional type of mortgage, getting the best rates depends entirely on what's available at any given time.
There are several ways to land the best deal.
Usually the larger the deposit you have the lower the rate you can get.
If you're remortgaging and your loan-to-value ratio (LTV) has changed, you'll get access to better rates than before.
Your LTV will go down if your outstanding mortgage is lower and/or your home's value is higher.
A change to your credit score or a better salary could also help you access better rates.
And if you're nearing the end of a fixed deal soon it's worth looking for new deals now.
You can lock in current deals sometimes up to six months before your current deal ends.
Leaving a fixed deal early will usually come with an early exit fee, so you want to avoid this extra cost.
But depending on the cost and how much you could save by switching versus sticking, it could be worth paying to leave the deal - but compare the costs first.
To find the best deal use a mortgage comparison tool to see what's available.
You can also go to a mortgage broker who can compare a much larger range of deals for you.
Some will charge an extra fee but there are plenty who give advice for free and get paid only on commission from the lender.
You'll also need to factor in fees for the mortgage, though some have no fees at all.
You can add the fee - sometimes more than £1,000 - to the cost of the mortgage, but be aware that means you'll pay interest on it and so will cost more in the long term.
You can use a mortgage calculator to see how much you could borrow.
Remember you'll have to pass the lender's strict eligibility criteria too, which will include affordability checks and looking at your credit file.
You may also need to provide documents such as utility bills, proof of benefits, your last three month's payslips, passports and bank statements.