Salcombe is the second most expensive destination in this year’s Lloyds Bank Coastal Review

The average property price is £826,159 and the town is described as ‘combining estuary views with a lively town centre full of galleries and boutiques’.

Also in the top ten locally are Dartmouth at £495,643 and Kingsbridge at £484,986.

Nationwide Sandbanks tops the list at £965,708.

The cheapest coastal location in Devon is Plymouth at 248,668 and the city tops the table for the number of transactions at 3,258 and comes second after Brighton for the highest combined value of coastal homes purchases at £810m.

The cheapest coastal location overall is Campbeltown on Scotland’s scenic Kinytre Peninsula where the average home is £103,078 which is down 11 per cent on the past year.

Head of Mortgages at Lloyds Amanda Bryden said: “Coastal living continues to hold a special appeal – whether it’s the lure of sea views, sandy beaches, or a slower pace of life.

“Our latest research shows the most exclusive seaside spots - like Sandbanks – still command premium prices.

“In some of the UK’s most desirable coastal towns, average prices have dipped slightly over the past year, but, over the longer term, values remain significantly higher – especially in the South West, where demand from lifestyle movers continues to shape the market.

“At the other end of the scale, there are still pockets of real affordability – particularly in Scotland, where buyers can find coastal homes for a fraction of the price.

“For those willing to look beyond the traditional hotspots, there are some hidden gems offering great value and a strong sense of community.

“It’s also important to recognise that not all coastal areas share the same fortunes.

“Some seaside towns face significant challenges, from seasonal economies to a lack of affordable housing for local people.”