THE cheapest and most expensive seaside areas to buy a home have been revealed.
Research carried out by Rightmove has listed the locations where you can purchase a house for as little as £114,365 or as much as £1,582,331.
Owning a slice of paradise right next to the sea is a dream for many house hunters, but they can come with a hefty price tag.
Star-studded Sandbanks in Dorset has been named the most expensive seaside area to buy a home by Rightmove, perhaps unsurprisingly.
This is out of more than 200 coastal locations across Britain.
With an average price tag of nearly £1.6million, people could buy nearly 14 homes in Saltcoats in Ayrshire, Scotland, typically for the asking price of one property in Sandbanks, which is home to celebrity residents including Harry Redknapp.
Saltcoats was the least expensive seaside location in the study, with an average property asking price thereof £114,365.
Easington in County Durham had the second cheapest average asking price of £122,520 in the study, while Peterlee in County Durham came in as the third cheapest at £124,593.
Rightmove said Peterlee is also a “price hotspot” with average asking prices in the area up by 15% compared to this time last year.
Coming in at fourth place is Ashington in Northumberland, where the average house price is set at £132,660.
Home buyers could also look at Bootle in Merseyside which also has a relatively low asking price of £133,197.
Here are the 10 least expensive areas in Rightmove’s report, with the average asking price:
Tim Bannister, Rightmove’s property expert said: “Whilst the pandemic-driven surge for seaside areas has calmed down and reversed back to more normal levels, areas around Great Britain’s coast continue to be popular with many people.
“Particularly at this time of year, many people consider what a home by the sea and away from the hustle and bustle of a city could look like, or perhaps explore estate agents’ windows while on holiday.”
On the flip side, coming in after Sandbanks, the second most expensive is in Canford Cliffs in Dorset – with an average asking price of £1,242,181.
The third priciest is in Milford On Sea, Hampshire for £751,442.
Padstow in Cornwall takes the fourth spot. The town has been popularised by celebrity chef Rick Stein and homes cost an average £678,058.
Another Hampshire location has landed in the top five most expensive areas too with Lymington landing an average asking price of £603,312.
Here are the 10 most expensive seaside areas, according to Rightmove, with the average asking price:
Nathan Emerson, CEO at property professionals’ body Propertymark, said: “Whilst many homeowners will no doubt be happy to see their homes increasing in value in these coastal locations, many locals who aspire to one day live where they have grown up will be unable to do so as prices increase and become further out of reach.”
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.
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%.
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.
Elsewhere, a map has shown where the cheapest postcodes are in Britain – where does your area rank?
Plus, a huge rise in first-time buyer deposits has been revealed – as even types of homes Brits hunt for change over 50 years.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
