House prices in Harrogate are on the rise - here's everything you need to know

House prices in Harrogate increased more than is average for Yorkshire and The Humber in October, new figures have shown.

Thursday, 23rd January 2020, 10:49 am
Updated Thursday, 23rd January 2020, 10:50 am

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 4.8 per cent annual growth.

The average Harrogate house price in October was £300,555, Land Registry figures show, which was a 2.8 per cent increase on September.

Figures from the Land Registry show house prices in Harrogate are on the up - with first-time buyers paying more than they did a year ago.

And over the month, the picture was better than that of other towns across Yorkshire and The Humber, where prices increased 0.9 per cent, as Harrogate outperformed the 0.7 per cent drop for the UK as a whole.

Paul Baxter who manages Dacre, Son & Hartley’s Harrogate office, said: “Harrogate is a very attractive place to live and it’s no surprise that house prices have increased more in our popular spa town compared to other parts of Yorkshire and The Humber.

“Regularly featuring in the ‘happiest’ and ‘best’ place to live in national league tables, Harrogate has plenty to offer buyers.”

Over the last year, the average sale price of property in Harrogate rose by £14,000 - putting the area third among Yorkshire and The Humber’s 21 local authorities for annual growth.

Owners of semi-detached houses saw the biggest improvement in property prices in Harrogate in October - they increased 3.2% per cent to £294,948 on average and over the last year, prices rose by 5.5 per cent.

Detached houses also rose by 5.3 per cent over the year, with terraced houses up five per cent and flats up 2.4 per cent.

Although this is good news for sellers, as it means their existing properties are worth more, it is not quite so rosy for those wanting to take their first steps on the property ladder.

The data shows that first-time buyers in Harrogate spent an average of £ 237,800 on their property, which is £9,800 more than a year ago, and £38,100 more than in October 2014 - a significant rise which is likely to make it harder for those wishing to get into the market for the first time.

Paul added: “The fact that first time buyers are paying £38,100 more than five years ago is a significant increase, and of course this is making it much harder for first time buyers to get onto that important first rung of the property ladder.

“We need more new homes, especially at an accessible price point for first time buyers, who are struggling to get the necessary deposit together whilst paying significant amounts of rent.”

By comparison, former owner-occupiers paid £332,300 on average in October - 39.7 per cent more than first-time buyers.

When all the data is combined, it shows that buyers paid more for properties in Harrogate than anywhere else in Yorkshire and The Humber in October. The average price paid in our town would buy 2.6 homes in Hull (£116,000), which is at the other end of the scale.

The research also showed the highest property prices across the UK were in Kensington and Chelsea, where the average October sale price of £1.2 million could buy 14 properties in Burnley.

So how does our region compare?

Figures shows that across Yorkshire and The Humber, property prices are high compared to those across the UK, where the average costs £233,000.