House prices double in seaside towns

House prices in seaside towns have almost doubled in the last decade, those seeking out cheap mortgages have been told.

The figures were released by Halifax and reveal that while nationally, house prices have risen by 118 per cent in the last ten years, seaside towns have seen an average increase of 128 per cent, with many rocketing.

Wadebridge in Cornwall saw the biggest jump, with values increasing by 270 per cent since 2001, while not far behind were Maryport in Cumbria with 192 per cent and Tenby in Wales with 186 per cent.

"Seaside towns have a distinct advantage over urban areas in offering that all important sea view, and they typically have a high quality of life and a healthy environment. There is a romance associated with living by the sea and this is evident in the high house prices seen in many of these areas," said Nitesh Patel, housing economist at Halifax.

Santander has meanwhile launched a range of new cheap mortgages and has cut the rates on a number of existing products.

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2011-05-31 13:12:18 © Moneyextra.com