SCARBOROUGH’S property market is picking up as house prices rise for two consecutive years.
CARBOROUGH’S property market is picking up as house prices rise for two consecutive years.
The average house price in Scarborough now stands at £147,814 which is up 0.4 per cent from a year ago, and 2.8 per cent higher than the year before.
Although the increases are moderate, experts say they reflect a positive move as buyers’ confidence returns.
Phil Fletcher, manager of Reed Rains estate agents in Aberdeen Walk, said: “We are seeing signs of growth. It is only small at the moment but we have definitely turned a corner as prices have levelled off. We have been quite busy in the new year, which is promising, and I am hoping we will see some more first-time buyers to the market this year as they get to grips with saving for deposits.”
The figures collected have also revealed the most expensive places to live in Scarborough. Gowland Lane, in Cloughton, is the highest priced street with an average house price of £515,309, with the village of Snainton where the average house price hits £459,005, coming second.
Mount Cottages off Seamer Road, is recorded as having the highest turnover of sales over the last five years with 62 per cent, followed by Beulah Terrace with 54 per cent, and Sydney Street, Derwent Street and Knolls Close all with 50 per cent.
Over the last five years Scarborough has seen a turnover of property sales of 15.8 per cent, with 721 properties sold in the last year.
Terraced houses are performing the best with an average price of £116,096, up £,2081 from one year ago, and £4,510 higher than two years ago.
While the average prices of flats, detached and semi detached properties are all down on last year the price of a semi, at £143,879, is up £2,905 from two years ago.
David Chapman, partner at CPH Property Services in St Thomas Street, said: “People still believe investing in bricks and mortar is a good investment, and a lot of investors do turn to terraced properties, as well as first time buyers.
“I think in Scarborough terraced properties are more in demand as due to so many conversions over recent years we have seen an over saturation of flats.
“With terraces people are essentially getting good value for their money.
“In general though things are picking up. Last year was definitely better than the previous year, and the signs leading up to Christmas showed things should continue to improve in to 2011.”