The average price of £117,266 is still, however, well below the national average.It is believed this surge has been greatly helped by regeneration work in the area, and in particular the new housing estate East Shore Village, built on the site of the former Vane Tempest colliery.As early as 1823, the third Marquess had approached the architect John Dobson with a view to his drawing up plans for a town to be built around the harbour.
To commemorate the event, the new coast road was named George Elmy Lifeboat Way.
Also, a two-part Channel 4 documentary profiled the town in 1991.
To the south, beside the road to Dalton-le-Dale, are the remains of Dalden Tower, comprising the ruins of a 16th-century tower and fragments of later buildings.
In 2002 the Turning the Tide project won, jointly with the Eden Project, the prize for Outstanding Achievement in Regeneration in the annual Royal Institution of Chartered Surveyors awards. In homage to the town's link to Lord Byron, the new multimillion-pound shopping complex, which now includes an Asda supermarket as well as Argos and Wilko stores, is named Byron Place.
It aims to revitalise the area, using the successful redevelopment of the central shopping district of neighbouring town Peterlee as a benchmark.