Are house prices rising or falling in Scarborough? Check the local property market with our interactive tool

House prices in Scarborough experienced a boom last summer, rising faster than anywhere else across Yorkshire and the Humber – now the housing market is slowing, fewer viewings are taking place, and mortgage approvals are at their lowest level outside of the pandemic since 2009.
Watch more of our videos on Shots! 
and live on Freeview channel 276
Visit Shots! now

Official house price data for December has failed to alleviate concerns about the market slowdown, with prices now falling month-on-month across the UK - although they are still rising on an annual basis.

It follows a disastrous mini-budget under the short-lived premiership of Liz Truss who, alongside her chancellor Kwasi Kwarteng, sent mortgage interest rates spiralling after the prospect of massive tax cuts spooked financial markets.

Hide Ad
Hide Ad

But what do the official figures say about property prices in Scarborough – are they rising, or is our area one of the dozens across the UK where prices started to tumble last month? We have all the answers for you here, alongside an interactive chart that will let you explore what the statistics are telling us about the local property market.

Demand for property experienced a boom in Scarborough last summer, estate agents told The Scarborough News.Demand for property experienced a boom in Scarborough last summer, estate agents told The Scarborough News.
Demand for property experienced a boom in Scarborough last summer, estate agents told The Scarborough News.

Are house prices rising or falling in Scarborough?

The Office for National Statistics (ONS) and HM Land Registry published the latest official house price data on Wednesday February 15, known as the UK House Price Index. This showed average house prices in Scarborough stood at £220,465 in December last year – +0.6 per cent higher than in November, when prices were at £219,134 and +12.5 per cent higher than in December 2021, when the average was £195,986.

The UK House Price Index is based on property sales rather than asking prices or mortgage data, and is therefore considered the most reliable barometer of UK house sale activity.

Across the UK, house prices have risen by 9.8 per cent in the last year, from £268,115 to £294,329. While prices may be much higher than last year, the rate of inflation has slowed – prices were up 10.6 per cent in the year to November, and 12 per cent in the year to October.

Property prices rose across the board in Scarborough, new data has revealed.Property prices rose across the board in Scarborough, new data has revealed.
Property prices rose across the board in Scarborough, new data has revealed.
Hide Ad
Hide Ad

The ONS said some of the recent annual inflation rates have been volatile due to fluctuations in prices during 2021. For instance, there was a sharp fall in average prices in October 2021 following the end of the Stamp Duty holiday, which made year-on-year growth in October 2022 particularly high.

Alongside an average cost, the House Price Index data also offers a more detailed view of the housing market, with average prices published for detached, semi-detached, and terraced homes, flats, and prices faced by first-time buyers.

On a monthly basis however, over 170 local authority areas saw house prices fall.

Across the UK as a whole, semi-detached properties saw the strongest growth, with prices up by 11.2 per cent year-on-year. Prices for flats meanwhile were up by only 6.4 per cent.

Scarborough property prices for various types of home

Hide Ad
Hide Ad

Detached homes – average price of £351,104, +12.8 per cent since last December

Semi-detached homes – average price of £234,313, +13.4 per cent since last December

Terraced homes – average price of £190,531, +13.4 per cent since last December

Flats – average price of £139,907, +9.8 per cent since last December

Hide Ad
Hide Ad

You can look up more information about property prices in Scarborough, including an interactive graph showing house prices over the last 20 years in our area here.

What will happen to the housing market in 2023?

The Bank of England is warning that the supply of homes for sale is increasing faster than demand, and that higher borrowing costs and concerns about affordability are “weighing significantly” on first-time buyers.

As a result, the majority of offers put in by potential buyers are now below the asking price, and the number of house viewings taking place has fallen sharply, according to insight from the Bank’s contacts in the housing market.

HM Land Registry says the housing market will “remain on a downward trajectory over the coming months”, with monthly data from the Bank of England showing fewer mortgages were approved in December – the fourth consecutive monthly decrease. If the Covid pandemic period is excluded, the number of new mortgages approved are at their lowest level since January 2000, it said.