According to Rightmove, the average price of a property sold in Scarborough over the past year was £197,654. This is significantly lower than the UK average price of £284,691 as stated by the UK House Price Index, suggesting that Scarborough is a relatively inexpensive area to buy property.
Scarborough’s average property price is 2% down on the year before, 6% up when compared to the 2021 peak. This sluggish growth has been seen across the UK property market in 2023, with some regions displaying subdued price growth, and the more unlucky regions experiencing modest dips. Scarborough’s prices have dropped slightly but they are still up on the 2021 peak.
But will this muted property market continue in Scarborough? According to most property experts, the UK property market is set to return to growth in the next few years. Looking at Savills’ Residential Market Forecast, UK mainstream capital value is projected to grow by 17.9% leading up to 2028. Yorkshire and the Humber, where Scarborough is located, is forecast to experience 20.2% capital value growth by 2028, higher than the UK average.
