Despite boasting 35 white beaches and crystal clear waters, median house prices on this ‘outstandingly beautiful’ group of islands have slumped – according to new data from the Office for National Statistics
An enchanting UK seaside resort often compared to the tropical delights of the Caribbean has surprisingly seen its house prices plummet. Described as ‘outstandingly beautiful, uncrowded and unspoilt’, the Isles of Scilly lies just 20 minutes off the coast of Cornwall – and yet feels worlds apart.
Every year, a staggering 125,000 visitors flock to the archipelago, which consists of five inhabited islands, to enjoy its 35 pristine white sandy beaches and crystal-clear waters. It has gained a stellar reputation as a star-gazing hotspot thanks to a lack of light pollution, and is a haven for wildlife, including grey seals, red squirrels, puffins, and dolphins.
“Scilly also boasts an incredible ancient history and archaeology, alongside sweeping sea views and rugged undeveloped coasts,” the islands’ official tourist board states. “Out at sea, there are incredible shipwrecks and amazing wildlife. The sea air, clean seas and mild weather also provide the additional secret ingredients to local fare – including lobster, tender island-reared beef, freshest vegetables and melt-in-the mouth ice-creams.”
Life on the Isle of Scilly is much more laid-back and relaxed compared to the mainland, with many travel experts arguing it’s a remnant of Cornwall before the influx of holiday homes and selfie-stick-waving tourists. And yet, moving to the archipelago just got a whole lot cheaper.
The shock announcement comes after BLG Development Finance analysed house price data from the Office for National Statistics to find the top 10 neighbourhoods with the highest decrease in property prices. Surprisingly, the Isle of Scilly made the list, with median property prices (in the year ending March 2024) coming to £350,000. This is a £200,000 decrease compared to the year before (£550,000).
With only 2,200 residents lucky enough to call this place home – statistics around house prices can easily fluctuate. Still, a 36.4 per cent deduction is a significant drop – especially with house prices soaring in other seaside areas such as Whitby and Fowey.
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On Rightmove*, the cheapest property advertised on the Isle of Scilly is a one-bedroom apartment with a guide price of £270,000 – which is still under the average house price in the entirety of the UK (around £290,000). The highest-priced property is a three-bedroom grade-two listed cottage that has gone up for sale with an eye-watering price tag of £1,285,000.
Getting to the Isle of Scilly will require a little bit of work. You can either fly on the Skybus, which departs from Land’s End, Newquay or Exeter Airport – or take a helicopter from Penzance. Most people opt for the Scillonian III Passenger Ferry, which takes two hours and forty minutes from Penzance but can work out much cheaper.
*Prices based on Rightmove listings at the time of writing.
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