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Apr 2022

Last Updated: 13/04/2022

Environment

Record number of homes sold above £1m in the Harrogate district last year

by Thomas Barrett

| 14 Apr, 2022

The Harrogate district housing market is healthier than ever. An estate agent described the current situation as a "frenzy" but there are warnings the rapidly rising prices could be inflating the market.

Property sales in Harrogate are on the up.

The booming housing market in the Harrogate district led to a record number of homes sold above £1million last year.

Land Registry data reveals 84 property deals passed the seven-figure threshold, more than any other previous year.

The number includes all detached and semi-detached homes as well as apartments.

The most expensive part of Harrogate is an area off Leeds Road —Fulwith Mill Lane, Fulwith Grove, Fulwith Drive and Fulwith Road — where five homes sold for over a million in 2021.

The Harrogate district beats large metropolitan areas in the North (Leeds, 55, York, 27, Manchester, 17) when it comes to bumper property deals.

Knaresborough

The two most expensive homes sold last year in the district were in Knaresborough.

Staveley Court in the village of Staveley sold for £3m and a property on Lands Lane went for £2.9m.

In a sign of just how buoyant the property market is currently, the website Move Market suggests Staveley Court's value has increased by a whopping £449,000 since it was sold in January 2021.

Its price tag has trebled in two decades. It was sold in 2001 in a deal worth £950,000.

Peter Lacey is from Knaresborough Community Land Trust, a not-for-profit organisation that is hoping to develop a site in the town into affordable housing.

He said the record year for million pound houses indicates the market is currently imbalanced:

"The pace in which affordable housing is growing is being outstripped by the rate we are selling million pound houses.

"It's a product of supply and demand, but an awful lot of people, including my own kids, can't get on the property ladder.

"We haven't got the balance right but you can't criticise anyone for buying or selling house at market value."

Mr Lacey said he is worried that expensive property deals will inflate the market and make it even more unaffordable for people earning average wages to buy a home here.

He added:

"That's what id be concerned about. If market is distorted, that becomes an issue."

Booming market

David Waddington, director at Linley & Simpson, described the current housing market in the district as a "frenzy".

He said the average value of a property in Harrogate is going up by 1% a month.

He added:

"There has been really strong activity over the last three years. Selling homes for over a million is not uncommon nowadays."

"Increasingly, buyers are wanting houses with all the bells and whistles, but to be able to afford a million, Harrogate is the jewel in the crown."

Last week The Sunday Times named Harrogate as one of the best places to live in the UK.

Judges cited the town’s schools, parks, shops, cafes and restaurants as among its attractions, describing it as “all the fun and fresh air of Yorkshire without any of the gritty bits”.

Mr Waddington said around 25% of Linley & Simpson's sales are from people moving up to the district from down south, which he said could be pushing prices up.

He expects a downturn in the market later this year but for those who can afford a £1m price tag, he said they are less likely to be affected by factors like the cost of living crisis and inflation.