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Apr 2023

Business

Harrogate's property market to weather global challenges, says development professional

Published: 25 Apr 2023, 16:10 BST

Updated: 23 Aug 2023, 15:14 BST

by John Grainger

Jonathan Foggit, Senior Land & Development Manager at Yorkshire estate agent Linley & Simpson.

This story is sponsored by Linley & Simpson.

Harrogate’s property market will remain healthy despite the unprecedented challenges faced by the wider economy, according to a Harrogate property professional with over 20 years’ experience.

Jonathan Foggitt, who is Senior Land & Development Manager at Yorkshire estate agent Linley & Simpson, said prices across the district would stay buoyant despite a complex web of factors.

He told The Stray Ferret:

“One of the biggest problems in Harrogate is the lack of land supply. The council needs to build a certain number houses per year to meet their obligations, but the development opportunities are simply not coming forward fast enough.”

He said this was due to various factors, some of which were influenced by global forces:

“These are interesting times – it's quite unusual to have so many factors affecting the market all at once. The cost-of-living crisis has affected affordability and the war in Ukraine has impacted costs. Political turmoil at home generally affects investment into the UK negatively too.

“Brexit and Covid have also had a huge effect. Brexit caused delays at the ports, which has affected lead times, and Covid saw factories shut down – many are still not working at full capacity – so there are shortages in the supply chain.

“Physical costs of materials have soared over recent times – timber’s gone up by 40% – and lead times for steel orders have tripled, although we have seen a cost stabilisation more recently.

“It's a simple example of supply and demand, and as consequence, not enough houses are being built, so prices remain robust.”

Jonathan has spent over two decades in the property industry, mainly self-employed, and took over Linley & Simpson’s Land & Development department in October. His team can help developers through both the initial stages of a project and the post-construction phase, including marketing.

He added that opportunities for developers could open up too, as those lacking liquidity exit the market. The transfer of housing and planning powers from the now-defunct Harrogate Borough Council to the new North Yorkshire Council (NYC) may present opportunities.

He said:

“I think there’ll be a review of the remaining allocations by NYC, and there could even be another call for new development sites.

“Any such process will have to happen for all seven of the former local council areas, so it will be fascinating to watch. It could create all sorts of opportunities for developers – and ultimately for housebuyers too.”

Linley & Simpson was founded in Leeds in 1997 and has 19 branches in towns and cities across Yorkshire, including Harrogate, Ripon, Wetherby and York.

Find out more:

Jonathan and his team understand the challenges involved at every stage of the development process. To find out how they can help you with your next project, call them on 01423 540054.