Scarborough house prices increased more than average in October, Land Registry figures show

House prices increased by 3% – more than the average for Yorkshire and The Humber – in Scarborough in October, new figures show.

By The Newsroom
Thursday, 17th December 2020, 2:00 pm
The average Scarborough house price in October was £178,589. Photo: PA Images
The average Scarborough house price in October was £178,589. Photo: PA Images

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 5.6% annual growth.

The average Scarborough house price in October was £178,589, Land Registry figures show – a 3% increase on September.

Over the month, the picture was better than that across Yorkshire and The Humber, where prices increased 2.4%, and Scarborough outperformed the 0.7% rise for the UK as a whole.

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Over the last year, the average sale price of property in Scarborough rose by £9,500 – putting the area 13th among Yorkshire and The Humber’s 24 local authorities for annual growth.

The best annual growth in the region was in North East Lincolnshire, where property prices increased on average by 9.8%, to £134,000.

At the other end of the scale, properties in Harrogate gained 1.7% in value, giving an average price of £297,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in Scarborough in October – they increased 3.6%, to £278,532 on average. Over the last year, prices rose by 7.2%.

Among other types of property: Semi-detached: up 3% monthly; up 6.7% annually; £188,161 average; terraced: up 3% monthly; up 5.8% annually; £152,370 average; flats: up 2.3% monthly; up 1.9% annually; £118,785 average.

First steps on the property ladder

First-time buyers in Scarborough spent an average of £152,900 on their property – £7,500 more than a year ago, and £24,200 more than in September 2015.

By comparison, former owner-occupiers paid £197,600 on average in October – 29.3% more than first-time buyers.

How do property prices in Scarborough compare?

Buyers paid 0.8% more than the average price in Yorkshire and The Humber (£177,000) in October for a property in Scarborough. Across Yorkshire and The Humber, property prices are low compared to those across the UK, where the average cost £245,000.