The average price of a house in the Borough of Harrogate has increased by more than £28,000 in the course of the past year, according to the Land Registry.
This is a 5% rise, which is lower than the national average. The Office of National Statistics reported that house prices in the UK had risen by an average of 10.2% over the year to March 2021.
Demand has also shifted more towards spacious properties, with estate agents reporting an unprecedented shortage of detached family homes.
The trend can be attributed towards housebuyers’ changing priorities over lockdown and more people starting families.
However, certain factors affect the statistics and mean that they may not paint an accurate picture of the whole year.
The stamp duty land tax holiday on properties worth up to £500,000 is set to end on June 30, which will most likely reduce housing demand in later in the year.
Estate agents said that, anecdotally, there has been a post-vaccination rush for some people who now feel more comfortable attending house viewings and going through the moving process.
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Charles Myring of Myrings Estate Agents summed up how the pandemic has changed the housing market in the borough:
“Stock levels in Harrogate were so depressed during the lockdowns, especially on certain properties (bigger family houses with good outdoor space/south-facing gardens/garages etc), which meant there wasn’t always enough quality stock available to buy and to encourage more people into the market.
“As a consequence prices started to edge up every month.”
The Harrogate borough encompasses the city of Ripon and a number of small towns including Boroughbridge and Knaresborough.
David Waddington of Linley and Simpson projected the average price rise to be even higher, at somewhere between 1% and 2% each month.
He agreed that the rise in demand for housing in the borough was also mostly related to covid:
“Harrogate became particularly desirable over lockdown as people realised they no longer had to go into the office and live in suburban areas.
“More people are looking to live in semi-rural areas, because of a subliminal need for space as a result of isolation.”
However he urged first-time buyers and those with mortgages not to give up hope, as the latest iteration of the Help to Buy scheme is still helping people with smaller deposits to take the first step on to the housing ladder.
