Let’s just park, just for a while, all the downside implications of today’s high inflation and interest/mortgage rates and take an overhead look now at the local property landscape and consider how it has evolved/shaped in Harrogate and District during and after Covid.
The profile of the properties folk have bought here since the first Lockdown has undergone some subtle but significant changes, reflecting shifting preferences and lifestyle choices.
In all of this however we have seen more evidence – if any were needed – of the all-round robustness/capital value growth in property here in the Teflon town over a recent 12 months period (May 22 – Apr 23).
(The same positivity extends to our Landlord’s property and their rental yields).
An average house price over the HG postcodes is £401K (median price £305K) / average property increase 7.9% / number of properties sold 1968. This average selling price has been bumped up, as we all know by the large numbers of new builds coming in at an average of £429K compared to an average of £401K for an established property.
Detached Houses – privacy and space
Average price £652K.
Detached houses, widely considered a pinnacle of homeownership, are always in demand and this is reflected in higher selling prices. They still hold very significant appeal, particularly for families seeking privacy and ample space.
The builders/developers of course tend to build higher priced detached and large semi-detached homes in Harrogate rather than “Starter Homes”.
Semi-Detached Houses: balancing space and affordability
Average price £354K.
Demand for semi-detached properties is constant and they have maintained a stable position in the market, striking an affordable balance between the space offered by detached houses and the affordability of terraced houses. They appeal to families and young professionals looking for more spacious living. Demand for larger semi-detached properties has significantly increased to accommodate work-from-home setups and sometimes for additional living spaces for multi-generational living.
Terraced Houses: embracing urban living
Average price £302K.
Demand for good Victorian terraces is strong and the demand now has extended in part to new modern new build ‘townhouses’ in a three-storey arrangement.
Good/large two-bedroom Victorian terraces can quite often justify a third-bedroom loft extension and can attract younger buyers looking for a low-maintenance lifestyle without sacrificing space.
These Victorian terraced homes offer a blend of affordability, convenience and a sense of community which traces their history in the town back more than 100 years. Young professionals, couples and small families are attracted by the charm and character of these properties, with generous square footage and close to the town centre location, and can mean the need for a car is reduced.
Apartments: a rise in vertical living
Average price £241K.
Perhaps the most significant transformation can be observed in the increased demand for good quality apartments – especially those with outdoor space (even better with parking). Apartments offer a range of benefits, including affordability, security, access to amenities and a potential lock-and-leave lifestyle. Millennials and young professionals are drawn to the convenience and vibrant urban environments that apartments provide in our town.
In summary – the property preferences in Harrogate have experienced some shifts over the past two years and we are analysing these shifting preferences to understand the needs and desires of potential homeowners (and tenants).
It’s only by recognising and responding to these trends, homeowners, BTL Landlords and Planners / Developers can ensure that our property market continues to thrive and meet the demands of the future.
If you are a Harrogate homeowner, a potential buyer (or Landlord ) or indeed anyone involved in the local property market and you would like to chat with us about his article or any other of our articles on the property market, please don’t hesitate to get in contact, 01423 566400.