Lyme Regis - one of the UK’s least affordable resorts
PUBLISHED: 13:59 17 August 2010
Property prices way above average in picturesque West Dorset coastal town.
LYME REGIS has been rated as having one of the highest property markets in a seaside town.
Research carried out by Halifax found property prices in the South West region were ‘the most unaffordable’ with averages of £308,000 in Lyme Regis.
A director of Fortnam Smith and Banwell Estate Agents, Kevin Hunt, said: “Lyme Regis has always come out as one of the most popular and desirable places to live.
“I think it is quite right that a lot of people want to move here – who can blame them.”
Lyme Regis has become very popular in recent years with people wishing to retire to the area as well as families wishing to relocate.
He added: “It’s very popular both with people retiring, but also families because of the good local schools.
It’s relatively accessible for people who want to commute from home.”
“The second home market has always been relatively steady in the last few years.”
Although, people have had different reactions to the property prices displayed in the windows of estate agents.
Mr Hunt said: “We see people that look in the window and you get different comments with some saying the prices are quite reasonable, while others go ‘blimey, look how expensive that is.’”
“Compared to Budleigh Salterton, Sidmouth and down in Cornwall, I don’t know that it is as expensive as perhaps people think it is. It is probably one of the top 10 expensive places to live.”
Property prices in the area vary dramatically with people paying more for homes with a sea view.
He added: “If you are looking to buy a two-bedroomed cottage, or something along those lines, you’re looking at paying around 250,000 and, if you wanted a nice property with a sea view, £600,000 to £700,000.
The property market has been riding the waves of the recession with prices rising and falling.
“I think prices a few years ago rose and fell back. The prices in Lyme fell back not quite as much as other areas. I know some prices recovered that little bit more in line with the national average.”
Lyme Regis still remains a popular destination in the South West for people wishing to relocate.
Mr Hunt describes its appeal to home owners. He said: “I think they find that it is unspoilt, it still retains its traditional seaside appeal for families and it also has the history and the gorgeous coast.”
He added: “Despite the high prices, there is still a healthy demand.”
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