I've had this itchy patch on the side of my right foot for around five or so years.
It's actually similar to hard skin, in that I can even scratch it with something sharp and not feel pain (it helps with the itching and doesn't cause it to bleed).
Does anyone have any ideas?

Well it could be athletes foot or a fungal problem or it could just be dry skin which needs moisturizing. You could try
a] using a cream made especially for athletes foot which you should be able to buy in a supermarket or chemist/pharmacy
b] get a thick moisturizing cream and use every night on the foot.
Are your shoes tight? If they are you may have set up a reaction in that area.
If none of these things help then you should see your doctor. I am concerned that you are saying you have no feeling in that part of your foot. Do you have any other health problems?