The fact that Harrogate (and surrounding areas) has good schools, beautiful architecture, lots of greenery, excellent amenities, and good connections to Leeds, York, Bradford (and, at a push, Sheffield, Manchester, Newcastle), means that Harrogate properties will be always be desirable, popular, and retain value no matter what the economy does.
And if they aren't and don't, I can think of far worse places to be stuck because you can't afford to sell.
Conversely areas like this have more to loose, certainly the area is lagging behind the general UK market as folk have a little more in reserve to stave off any work problems etc – bank of mummy and daddy on Duchy!
Record low interest rates have also helped BUT when you see lower rung housing going from circa 50k to touching 200k in a little under 10 years you know there is going to be a kicking to be had in the market – FTB’s who live in these old type of terraces are on Leeds wages, with Leeds employment market looking shaky to say the least there is no justification to be paying 5x salary + to buy a house.
Certainly I have seen a 10-15% fall in house prices – we are talking well decorated nice 2-3 bed terraces that would have flown off the market but have circa 10% reductions and they are sticking.
Fortunately the banks do not discriminate too much in terms of Harrogate having the Stray, good schools etc – it is of little relevance when banks are and THANKFULLY will continue to ask for 15% deposits. Everyone my age lives for going out, going on holiday and buying nice clothes – they do not and cannot save! My age group are also sadly the first out of the door when it comes to redundancy! So factor in rising interest rates, continued job losses and I feel the market has just as far to fall as everywhere else, certainly some would argue further as recent years have squed people’s perspectives on what actually is value for money – 250k for some grot box on Jennyfields for god’s sake!
And the fact it is a nice place has had no effect on the plunge in sales in the area across property types.
PS There are worse places to be stuck but imagine being repossessed in Harrogate living in rented and still seeing signs of supposed opulence?!