Salcombe has retained its position as the most expensive place in Britain to buy a home by the coast.

According to the latest analysis from Lloyds Bank, properties in the town – now cost £970,657 on average, down 22 per cent (or £270,641 in cash terms) compared to 2022 (over £1.2 million).

Affluent Sandbanks, home to celebrity residents, is just behind in second place, with an average price tag of £957,739. Padstow in Cornwall, with its renowned Seafood Restaurant by Rick Stein, is third, with homes costing £701,979 on average.

Dartmouth is in sixth place with an average house price of £569,850 and Kingsbridge comes in 10th at £503,525.

Amanda Bryden, Head of Mortgages, Lloyds Bank said: “Sea views, sandy beaches, brisk morning dips – it’s easy to see why coastal living is so desirable. Our data shows the most sought after coastal locations in the country can attract average price tags of close to a million pounds – with in demand properties often going for much more. “These pricier areas can result in a lack of affordable homes for first-time buyers, a problem often exacerbated by high levels of second home ownership, meaning that many who have grown up in the area may find themselves priced out of owning their own home locally.”

“There are more affordable places to call home by the sea.

“Those with a more adventurous streak may want to consider setting up home in Rothesay on the charming Isle of Bute at £100,000 on average.”