text: 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.
target: Average cost of property in London is now less than in Salcombe, Devon .
  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 .