Housing prices in the most exclusive seaside town in the UK have experienced a significant plummet, with a staggering decrease of £200,000. Salcombe, situated on the neck of a narrow estuary in south Devon is known as Britain’s “poshest” seaside town.
Earlier this year in April, the coastal town was crowned the UK’s most expensive seaside town to live. Salcombe overtook Sandbanks, in Dorset, which was the priciest seaside spot in 2021 in an analysis by Halifax.
However, recent data indicates a decline in property prices, Devon Live has reported. New research by the Land Registry suggested that the property prices in TQ8 – which covers Salcombe in the South Hams – fell by an average of over £200,000.
The average house cost £985,551 in the 12 months to October 2023. That’s 23.3 percent lower than in the year to October 2022 when they cost an average of £1.2 million – a drop of £210,298. It is the largest drop of any postcode district in Devon.
It is thought some huge properties are likely to have skewed results as 2022 saw the sales of some top-tier properties in the area, which may explain the big drop-off in average prices in 2023.
There was the £6.1 million sale of Castle Keep on Sandhills Road, the £5.3 million sale of Driftwood, the £4 million purchase of Sandpiper, the £3.5 million sale of Beachwood and the £3.3 million sale of the Beach House. The most expensive purchase made in the last 12 months was for £1.9 million.
Salcombe’s primary charm lies in the scenic estuary that shapes the town’s expansive waterfront, attracting enthusiasts of water activities. Additionally, the area is favored by hikers who are enticed by the steep coastal paths in the vicinity.
The UK witnessed a decline in house prices, averaging £3,000, over the year leading up to October. The typical house now costs £288,000, showing a 1.2% decrease compared to the same period in 2022.
In England, average house prices experienced a 1.4% reduction, reaching £306,000, while in Wales, there was a more significant decrease of 3.0%, bringing the average to £214,000. Conversely, Scotland saw a slight increase of 0.2%, with average prices rising to £191,000. Exclusive analysis conducted by the Reach Data Unit unveils the specific changes in house prices within each postcode district across the country.
Situated by the estuary, Salcombe is a paradise for water sports enthusiasts, offering opportunities for sailing, kayaking, surfing, and paddleboarding. The nearby beaches are truly exceptional, featuring golden sands and turquoise seas.
Within the town, Salcombe South Sands and North Sands stand out as ideal family-friendly beaches. Just across the estuary lies East Portlemouth, conveniently accessed via ferry from Salcombe. To the west, one can explore the beaches of Bigbury on Sea and Bantham, along with the renowned Burgh Island, accessible at high tide through a unique sea tractor experience.
