It has long been considered the most expensive place in the UK to buy property , but it seems London is being pipped to the post by coastal Salcombe . According to data , analysed by Harbour Hotels , the average cost of property in London - a whopping £638,217 - actually falls below that of the Devon enclave . The seaside town in the South Hams district boasts a skyrocketing average property price : £671,759 . According to new data , the average cost of property in Salcombe , Devon , now tops the average cost in London . This is more then the average cost of property in some of the UK 's most expensive cities , including Oxford , Bath and Edinburgh . And for those who want a room with a water view , that will cost you even more . The average value of a waterfront property in Salcombe tops £2million , putting it ahead of some of London 's priciest postcodes , including Notting Hill and Regent 's Park . In the west London neighbourhood of Notting Hill , prices average £1,629,495 , while Regent 's Park comes in with an average property value of £1,338,467 and Hampstead Heath close behind at £1,270,274 . In the pricey west London neighbourhood of Notting Hill , property prices average £1,629,465 . Regent 's Park comes in with an average cost of £1,338,467 and Hampstead Heath ( pictured ) at £1,270,274 . In Salcombe , property facing the estuary cost as high as £2 million , with non-sea views tallying £671,759 . Salcombe made headlines last spring when it was named Britain 's most expensive seaside resort . Since then , property prices have continued to soar , increasing ten per cent in the last 12 months alone , which puts Salcombe 's property market on par with London 's 11 per cent yearly increase . Nearby seaside competitors , like Sandbanks , Aldeburgh and Padstow , however , have seen a dip in prices of about eight per cent on average . Property prices in Salcombe have soared 10 per cent in the last 12 months , while Padstow has seen an 8 per cent decrease . To visit Salcombe - without parting with millions of pounds - the Salcombe Harbour Hotel has rooms from £425 . With summer quickly approaching , many UK travellers will holiday in Salcombe to soak up a bit of sun and the million pound view . In fact , the most recent assessment places a view of the Salcombe estuary as being worth £1.3 million , given the average property cost of over £600,000 and an average waterfront property price of £2million . Known as 'Chelsea-on-Sea , ' the idyllic waterside community is a yachting and sailing paradise , and home to fresh seafood and many stunning beaches . For those who fancy a taste of the millionaire lifestyle - without the accompanying price tag - the Salcombe Harbour Hotel & Spa has waterfront rooms priced from £425 this summer season .
Average cost of property in Salcombe , Devon is now less than in London . In Salcombe , property tops £671,759 and waterfront value is even higher . Known as 'Chelsea-on-Sea , ' the area is famed for its yachting and sailing .