It’s official – Salcombe is now the most expensive place in Britain to buy a seaside home, with the average house price topping a whopping £1.2 million.

The picturesque South Hams resort has swapped places with last year’s priciest spot of Sandbanks, according to the Halifax Seaside Homes Review.

The average price of a house in Salcombe now costs more than £1.2 million, while properties in Dorset’s popular seaside location average £952,692.

The beautiful South Hams port of Dartmouth and the sought-after waterside town of Kingsbridge both also make it into the top 10 seaside areas to buy a home in Great Britain.

Dartmouth claims the seventh spot, with the average house fetching £567,985, while hot on its heels Kingsbridge comes in as the eighth most costly seaside town, where the average house sets buyers back £556,659.

Compare these prices to Great Britain’s least expensive homes in Greenock Scotland which buyers can pick up for a mere £97,608, on average.

The cost of coastal homes in Britain has more than doubled in the last decade, says the mortgage provider.

Sellers in Salcombe made the greatest gains, as average prices shot up by 123% from £558,538 in 2012 to £1,244,025 in 2022.

Kim Kinnaird, Halifax mortgages director, 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.”

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.

The Seaside Homes Review tracked house price movements in 209 seaside locations in Great Britain. The review is based on house price data from the Land Registry and Registers of Scotland.