What is the Average House Price in Scarborough?

Are you thinking about investing in or buying a home in the seaside town of Scarborough? Perhaps you’re thinking of selling your Scarborough property and starting a new chapter? Either way, understanding the local property market is essential to making informed decisions.

In this blog, we’ll look at the average property prices in Scarborough, exploring the town’s background, current market conditions and factors influencing the cost of properties. First, let’s dip into this fascinating town’s background to build an understanding of what it has to offer.

Scarborough now, then and next

On the North Yorkshire coast, Scarborough has historically been a popular destination for both residents and visitors. It boasts beautiful beaches and a rich history set in a picturesque part of the country, yet few would argue that it’s had a tough time. Likewise, the property market in Scarborough has experienced its share of ups and downs over the years, reflecting these local challenges as well as broader economic trends.

The revival of the Scarborough Fair, a centuries-old event made famous by the song of the same name, is a definite boost for the area and its property prices. It is now a year-round program of arts, heritage and sporting events, attracting visitors, increasing tourism footfall and enhancing Scarborough’s reputation.

As well as the fair’s revival, there are numerous regeneration projects in progress. Scarborough’s West Pier is undergoing an £11 million renovation with the aim of revitalising the pier with new facilities, while preserving the area’s fishing heritage. There is also significant investment into upskilling the community through a green construction ‘village’ and a digital skills hub.

What is the average house price in Scarborough today?

As of June 2024, the average property price in Scarborough stands at £229,490. This represents a slight decrease of 2.2% compared to the previous year, according to Rightmove’s latest figures. This figure is significantly lower than the North Yorkshire county average of £275,000, and much lower than the England and Wales average of £350,000.

Semi-detached properties, the most popular property type in Scarborough, sold for an average of £211,838 over the year to June 2024. Terraced properties, meanwhile, sold for an average of £157,700, and flats for £136,876.

In August 2024, the average property prices in Scarborough were one-bedroom £103,478, two-bedroom £173,174, three-bedroom £255,576, four-bedroom £372,505, and five-bedroom £494,224.

Much like a lot of the UK, Scarborough and North Yorkshire as a whole have seen steady growth through the 2010s, before a COVID-related surge in prices in the early 2020s. After that, there was a dip as prices corrected, but now the trend is upwards again, as ONS data reveals. Recent interest rate cuts and a change of government have helped to boost optimism across the country, and many experts predict modest growth ahead.

Scarborough’s fairer future

Like the town itself, Scarborough’s property market has experienced some ups and downs in recent years. However, appealing coastal location combined with regeneration projects and relative affordability means it’s reasonable to expect a positive outlook for future property prices. The rise of remote working could further drive demand for properties.

At SellHouseFast.co.uk, we have a deep understanding of the Scarborough property market, so if you need to sell your house fast, we’re here for you. We’re experienced cash house buyers, and we buy any house UK wide using our uniquely personal, efficient, transparent service.

Contact us today to get your free cash offer and chat about how we can help you make your next exciting move in your property story.