WE do like to be beside the seaside - at least that's what the findings of a new survey have revealed.

Out of 100 seaside towns surveyed by mortgage lender Halifax in England and Wales, 71 enjoyed average yearly price increases which topped ten per cent over the past seven years.

Life in the region's coastal towns is proving popular and profitable, with houses by the sea confirmed as a sound investment.

Prices in Sandsend, near Whitby, have more than doubled since 1995, with the cost of the average home in Whitby itself rising to well over £100,000.

The average price in Sandsend was £48,250, soaring to £107,506 this year - an increase of 123 per cent.

In Whitby, homes now cost an average of £112,150, compared with just £61,423 seven years ago.

Filey homes rose an average of 67 percent to £85,556, Robin Hood's Bay increased 53 percent to £121,904, while in Scarborough homes increased in price from £52,339 to an average of £80,008, a rise of 53 per cent.

Prices in the south generally rose even higher, with homes in the Cornish town of Padstow, home of TV chef Rick Stein, trebling in the last seven years.

Martin Ellis, Halifax group economist, said: "A home by the sea is clearly not only a nice place to live, but it could also prove to be a very sound financial investment as well."

Updated: 11:15 Monday, August 26, 2002