Whitby has emerged as the most exclusive coastal property market in England and Wales when comparing mortgage costs against wider regional averages, according to new research from estate agency Yopa.
While Brighton has the highest outright monthly coastal mortgage repayment at £1,974, Whitby commands the largest premium relative to its region.
The average monthly mortgage cost in the North Yorkshire town stands at £1,286 – 33.7 per cent higher than the average for Yorkshire and the Humber (£962).
Tynemouth in the North East follows with a 24.1% premium, ahead of Salcombe in Devon (20.7%), Brighton (9.9%) and Weymouth in Dorset (8.5%).
SIGNIFICANT SAVINGS
Other locations with mortgage costs above their wider regions include Bournemouth (7.9%), Southend (7.2%), Tenby (5.7%), Aberystwyth (5.5%) and Crosby (3.6%).
By contrast, some coastal towns offer significant relative savings. Hastings in the South East has an average monthly mortgage repayment of £1,193, which is 33.6% below the regional average of £1,797.
Margate (-29.2%), Torquay (-24.9%), Southwold (-15.2%) and Skegness (-13.7%) also provide cheaper coastal living compared with their wider regions.
Other coastal hotspots topping the table for absolute mortgage costs include Salcombe (£1,733), Worthing (£1,732), Southend (£1,720), Whitstable (£1,565), Weymouth (£1,557), Bournemouth (£1,550) and Southwold (£1,359). The national average monthly mortgage repayment is £1,345.
SUBSTANTIAL PREMIUM
Steve Anderson, Yopa’s national franchise director, says: “Our analysis shows that while certain coastal towns command a substantial premium over their wider regions, others offer a much more accessible route to seaside living.
“In some cases, these savings are significant enough to make a coastal move not just a lifestyle decision but a financially attractive one too.”
