Average prices in the town have risen by £161,944 or 26% in the past year, the study by Halifax found.

The second most expensive seaside town is Aldeburgh in Suffolk. While average property prices here are £526,064, they have fallen by around of £22,773 in the past 12 months.

Lymington, where an average house costs £502,253 and Padstow, which has average property prices of £482,015, came in third and fourth position respectively.

According to the study, average house prices overall in UK seaside towns have increased by 29% in the past decade from £185,428 in 2009, to £239,138 in 2019. This equates to an average increase of over £5,000 a year.

The South East has seen the largest growth in seaside town prices.

Average house prices in Southend on Sea have risen by 73% (£311,718) followed by Shoreham by the Sea (69%) and Whitstable and Herne Bay (both 63%). The only seaside towns in the top 20 outside the South East are Lewick in the Shetlands (62%), Wadebridge (56%), Brancester (49%) and Aldeburgh (46%).

Russell Galley, managing director at Halifax, said: “Seaside towns are highly popular places to live, offering sought-after scenery, lifestyle and good weather.  Being by the sea side does come at a price, with the overall marked increase in house prices, reflecting the demand for rooms with a sea view.

“The South East coast continues to be home to the most expensive seaside towns in the country, while many of the least expensive are in the north, particularly in Scotland. Despite a clear north-south divide in property prices among seaside towns, the continuing price growth in many northern seaside towns over the years suggests the popularity of coastal living isn’t exclusive to the south.”