Property prices 'more affordable up north'

Posted: 01 Jun 2010 11:06:12 GMT

House prices in northern seaside resorts are the cheapest relative to local salaries in England and Wales, new figures have shown.

According to Halifax, property in Withernsea is the most affordable with an average price approximately three times average annual earnings, while the other nine most affordable areas are all in the north of England.

The south-west comprises all ten of the least affordable seaside towns, with Sandbanks in Dorset - which has an average house price of £544,951 - topping the list.

Martin Ellis, Halifax housing economist, suggested that property in seaside areas is very popular because of the better quality of life usually on offer as well as the scenery.

He added: "Whilst property in seaside towns can be more expensive … exceptional value for many can still be found for those searching to realise their dream of living near the sea."

Halifax currently offers a two-year fixed-rate first-time buyer mortgage with an 85 to 90 per cent loan-to-value ratio at a rate of 6.79 per cent.


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