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House prices in Harrogate on the rise

House prices in Harrogate on the rise

Published by May Norman at 6:40am 25th April 2020.

Harriet Clugston, Data Reporter

Harrogate house prices increased in February

  • New figures reveal house prices in Harrogate have increased by nearly 9 per cent.
  • It's the highest rise in Yorkshire and The Humber.
  • The average Harrogate house price in February was £301,887.34.

House prices increased in Harrogate in February, new figures show.

​The ​boost ​contributes to the longer-term trend, which has seen property prices in the area ​achieve 8.82 per cent annual growth​ – the highest in Yorkshire and The Humber.

The average Harrogate house price in February was £301,887.34, Land Registry figures show​ – a 3.02 per cent increase on January.

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Many new housing developments are built locally

Over the month, the picture was ​better than that across Yorkshire and The Humber, where prices ​decreased 1.0 per cent​, and Harrogate outperformed the 0.62 per cent drop for the UK as a whole.

Over the last year, the average sale price of property in Harrogate ​​rose by £24,000 – putting the ​area top among Yorkshire and The Humber’s 21 local authorities for annual growth.

​​At the other end of the scale, properties in Scarborough dropped 2.0 per cent in value, giving an average price of £162,000.

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Winners and Losers

Owners of flats saw the biggest improvement in property prices in Harrogate in February – they increased 3.37 per cent, to £186,124.47 on average. Over the last year, prices rose by 7.28 per cent.

Among other types of property:

  • Detached: up 2.94 per cent monthly; up 8.46 per cent annually; £487,375.25 average
  • Semi-detached: up 2.9 per cent monthly; up 9.5 per cent annually; £296,246.12 average
  • Terraced: up 3.1 per cent monthly; up 9.58 per cent annually; £242,660.86 average

First steps on the property ladder

First-time buyers in Harrogate spent an average of £​240,000 on their property – ​£19,000 more than a year ago, ​and ​£43,000 more than in February 2015.

By comparison, former owner-occupiers paid £​333,000 on average in February​ – 39.0 per cent more than first-time buyers.

How do property prices in Harrogate compare?

Buyers paid more for properties in Harrogate than anywhere else in Yorkshire and The Humber in February. The average price paid would buy 2.7 homes in Hull (£113,000), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average February sale price of £1.3 million could buy 15 properties in Burnley (average £85,000).

Across Yorkshire and The Humber, property prices are ​high compared to those across the UK, where the average cost £230,000.

Factfile

Average property price in February

  • Harrogate: £301,887.34
  • Yorkshire and The Humber: £162,333.9
  • UK: £230,331.55

Annual growth to February

  • Harrogate: +8.8 per cent
  • Yorkshire and The Humber: +1.9 per cent
  • UK: +1.1 per cent

Best and worst annual growth in Yorkshire and The Humber

  • Harrogate: +8.8 per cent
  • Scarborough: -2.0 per cent