LYME Regis is one of the most expensive seaside towns to buy a home in Britain, leading to concerns that young people are being priced out of the market.
A new study shows that across the country, house prices have increased by a third in the country's seaside towns- and Lyme Regis has been ranked seventh overall, with an average price of £343,604.
During the last 10 years, the average house price in seaside towns rose by 31 per cent- or £49,207- equivalent to £410 per month.
One explanation for the increase is people buying properties in the area as second or holiday homes.
New mayor of Lyme Regis Owen Lovell said the news was 'not surprising' but that high property prices drive young people out of the town.
"The problem when prices are through the roof is that it drives a wedge between our young people and their ability to stay in the town. It's unfortunate but I don't know how we might address this. People have looked for holiday homes in the lower end of the market and that has driven property prices up. It makes it impossible for young people to buy anything."
However, Halifax, which conducted the research, says there is a marked north-south divide in property values in seaside towns, with all 10 of the most expensive seaside towns in southern England, and seven in the south west alone.
Sandbanks, in east Dorset, came in second in the top 10 with an average price of £614,726.
The figures are based on Land Registry crude average prices for the 12 months to February.
They have been released as it is revealed that not enough homes are being built in the county.
Statistics from the National Housing Federation (NHF) show a shortfall of 773 homes in Dorset in the past year.
Whilst 1,563 homes were needed, only 773 were built.
The NHF says the housing backlog has been caused by decades of not building enough, coupled with a growing population as people live longer and the birth rate increases. The last t10 years saw the birth of seven million babies, around the same number that were born in the 1950s when England was building an average of 230,000 homes a year.
Kat Hart, external affairs manager for the South West at the National Housing Federation, said: “We have a far reaching housing crisis and at its heart is the reality that not nearly enough homes have been built for a generation or more.
“We need urgent action to get more housing of all types built in the South West. Families and young people across the country are crying out for genuinely affordable homes they can rent long term and shared ownership homes to help them on the housing ladder.
“Housing associations are building, but they need a bold government to play its part too and lead the way for new homes. Our new Government has committed to end the housing crisis within a generation, now it must free up land and provide proper investment to make that happen.”
CONTACT ME:
t: 01305 830995
e: samantha.harman@dorsetecho.co.uk
T: @DorsetEchoSam
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here