Croc­o­dile rock­ing af­ter Sir El­ton shines his light on Scar­bor­ough

Scar­bor­ough is feel­ing the El­ton ef­fect, but will the celebrity en­dorse­ment ben­e­fit the town’s prop­erty mar­ket? Sharon Dale re­ports.

Yorkshire Post - Property - - PROPERTY -

WHEN one of the world’s great­est mu­sic stars stepped onto the stage at Scar­bor­ough’s out­door theatre re­cently, he did more than en­ter­tain the crowds with ren­di­tions of Croc­o­dile Rock and Can­dle in the Wind.

Sir El­ton John gave an allsing­ing, all-dancing en­dorse­ment to the sea­side town af­ter choos­ing to play there.

“Hav­ing El­ton here is a big plus. It puts us on the map and makes peo­ple think ‘well, if El­ton chose to play there, it must have some­thing go­ing for it’, says Nick Fen­wick, of Colin El­lis es­tate agents.

It was the star’s first time in Scar­bor­ough and he must surely have been im­pressed with the nat­u­ral beauty, fab­u­lous beaches and the big plans that are slowly trans­form­ing the town. If he is think­ing of ex­pand­ing his prop­erty port­fo­lio, then there is a per­fect house just three miles away, in Ir­ton.

Ir­ton Manor is Scar­bor­ough’s most ex­pen­sive and ex­clu­sive home and it has been treated to a no-ex­pense spared makeover since the owner bought it three years ago. The mini es­tate, with 35 acres, has four apart­ments, a gate house, three cot­tages, a log cabin and a rid­ing school.

The Arts and Crafts-style house has six bed­rooms, five bath­rooms and a two-bed­room an­nexe, plus a new swim­ming pool. It costs £3.8m, though its hol­i­day lets and sta­bles bring in at least £75,000 year.

Ed Stoyle, of Carter Jonas, York, which is sell­ing the prop­erty, says: “You get a lot of prop­erty for your money in this area, but peo­ple who buy at this level tend to be from out­side. They come from West York­shire, Cheshire, the North-East and Lon­don. They like the fact Scar­bor­ough has a lovely stretch of coast and back­drop of beau­ti­ful moor­land coun­try­side.

“Ir­ton Manor was bought at the top of the mar­ket but the owner un­der­stands that prices have fallen since and is be­ing very re­al­is­tic.”

Prices have dropped around 15 per cent since the boom and have been static for the last cou­ple of years, says Phil Fletcher ,from Reeds Rains, Scar­bor­ough.

“In the last cou­ple of years, we have had a steady flow of in­vestors and peo­ple buy­ing hol­i­day and re­tire­ment homes. That’s what has re­ally kept us go­ing, es­pe­cially at the lower end, be­cause first-time buy­ers are thin on the ground, though I think they have fi­nally got the mes­sage that you need a de­posit to get a mort­gage.”

At the bot­tom end of the mar­ket, you’ll find one-bed­room flats from about £60,000 and two-bed­room flats from £90,000, semis from £150,000 and de­tached gentle­men’s res­i­dences in the best ar­eas from £500,000.

Flats, says Nick Fen­wick, can of­fer par­tic­u­larly good value, thanks to a prop­erty anom­aly.

“Around 50 per cent of flats in Scar­bor­ough are free­hold rather than lease­hold, which is very un­usual, and banks have been ner­vous about giv­ing mort­gages for them since the credit crunch.

“Len­ders are con­cerned about main­te­nance is­sues, though this is eas­ily solved by cre­at­ing main­te­nance agree­ments. That means there are some very good deals on them. A cou­ple of banks, in­clud­ing Nat West, are now giv­ing mort­gages on them.”

A well-main­tained onebed­room flat on the South side, just off the Es­planade, costs about £75,000, though you’re likely to share your block with a mixed bag of hol­i­day home-own­ers, first-time own­ers, ten­ants and stu­dents.

The North side is home to more fam­i­lies as the schools are lo­cated here. Scar­bor­ough’s most de­sir­able ar­eas in­clude Scalby. Weaponess and Deep­dale.

For those think­ing of buy­ing in the town, now could be the right time. Es­tate agents feel the bot­tom of the mar­ket has al­ready been reached and de­vel­op­ers have iden­ti­fied Scar­bor­ough’s po­ten­tial and are pre­par­ing to de­velop some large sites with at least one scheme hav­ing 500 plus houses.

Buy­ers will no doubt in­clude lo­cals, buy-to-let in­vestors, plus hol­i­day-home buy­ers and re­tirees, mostly from West York­shire. There’s also a slow trickle of peo­ple from Whitby, Bridling­ton and Fi­ley.

“One sur­pris­ing trend is that we are get­ting peo­ple who have re­tired to places like Fi­ley, Bridling­ton and Whitby. They feel it’s a bit quiet for them and move over to Scar­bor­ough where there is more go­ing on,” says Phil.

Nick agrees: “It’s well served and there are signs that the prop­erty mar­ket is pick­ing up very grad­u­ally. There’s more ac­tiv­ity in the mid-range prop­er­ties such as three­bed­room semis and de­tached houses. Plus, there is an op­ti­mism about the place. It’s in­tan­gi­ble but it’s cer­tainly here.”

STAR AT­TRAC­TION: Scar­bor­ough has been iden­ti­fied by de­vel­op­ers and su­per­stars – Sir El­ton John, above, on stage at Scar­brough’s out­door theatre.

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