Harrogate Property Market Worth More Than Intertek Group

The value of all the homes in Harrogate has risen by more than 260% in the past two decades, to £8.374bn, meaning its worth more than the stock listed company Intertek Group, which is worth £7.948bn.

Those Harrogate homeowners and Buy-to-Let landlords who bought their homes twenty or more years ago have come out on top, adding thousands and thousands of pounds to the value of their own Harrogate homes as the younger generation in Harrogate continue to be priced out of the market.  This is even more remarkable because, in those twenty years, we had the years of 2008 and 2009 following the global financial crisis, where we saw a short term drop in Harrogate house prices of between 15% and 20% (depending on the type of property). And although there have been a number of consecutive years of growth in property values recently in Harrogate it hasn’t been anywhere near the levels seen in the early 2000’s.

Twenty years ago, the total value of Harrogate property was worth £2.321bn. Over those twenty years, total property values have increased by £6.053bn, meaning today, the total value of all the properties in Harrogate is worth £8.374bn. Even more remarkable, when you consider the FTSE100 has only risen by 40.84% in the same time frame. Also, when I compared it with inflation, i.e. the UK Retail Price Index, inflation had risen by 72.2% during the same twenty years.

So, what does this all mean for Harrogate?  Well as we enter the unchartered waters of 2018 and beyond, even though property values are already declining in certain parts of the previously over cooked central London property market, the outlook in Harrogate remains relatively good as over the last five years, the local property market has been a lot more sensible than central London’s.

Harrogate house values will remain resilient for several reasons. Firstly, demand for rental property remains strong with persistent immigration and population growth.  Secondly, with 0.25% interest rates, borrowing has never been so cheap and finally, the simple lack of new house building in Harrogate. Not even keeping up with current demand, let alone eating into years and years of under investment mean only one thing – yes it might be a bumpy ride over the next 12 to 24 months but, in the medium term, property ownership and property investment in Harrogate has and always will, out ride out the storm.

In the coming weeks, I will look in greater detail at my thoughts for the 2018 Harrogate Property Market. As always, all my articles can be found at the Harrogate Property Market Blog www.harrogatehomes.property

Stats –

  • The numbers of properties in type come from the Census for your town/city.
  • The average value of property to calculate the figures comes from ZPG for all the postcode districts covered by your town/city.
  • RPI from Office of National Stats FTSE 100 from Swanlow Park and Bank of England

 [google-reviews-pro place_photo=https://lh3.googleusercontent.com/p/AF1QipN64qt5aOIDNLLeIeIEcv5awlWxJpqRg2g6ig_6=s1600-w300-h300 place_name=”EweMove Harrogate” place_id=ChIJPwVv9RQAfEgRtb_Zf75lg74 auto_load=true rating_snippet=true hide_avatar=true write_review=true text_size=120 view_mode=list max_width=300 max_height=500 open_link=true lazy_load_img=true]

Posted in Harrogate Property Market Worth More Than Intertek Group.