A look at Harlow flats
Harlow has 39,710 properties within its CM17, CM18, CM19 & CM20 boundaries. Flats make up over 25% of its housing stock with 10,324 properties.
CM17 has 1,704 flats which is 16.3% of the CM17 housing stock.
CM18 has 2,418 flats. This makes up 23.2% of the CM18 housing stock.
CM19 has 2,078 flats. This make up 25.3% of the CM19 housing stock.
CM20 has 4,140 flats. This makes up 39% of the CM20 housing stock.
The Disparity between CM20 and its cousins CM19, CM18 & CM17 is, in the main down to the development of Edinburgh Gate.
Harlow flats, a brief history
Harlow is home to the first ever Tower Block in the UK, The Lawn.
The building is noted as being the first residential tower block in the UK, as well as being the location of its first pedestrian precinct. The structure was completed in 1951.
The building marked the beginning of a long period of construction of high rise residential buildings. By 1975 the UK had produced a total of “440,000 high-rise flats for public housing”. The government at the time offered a subsidy for every storey added to projects.
Harlow was notably one of few towns to see council tower block construction into the late 1980s. This was despite changing Government policies, concluding with the construction of Netteswell Tower in 1986.
Architect Sir Frederick Gibberd was appointed master planner for Harlow New Town in 1946. Gibberd was tasked with constructing the estate largely using two-storey houses with a private garden. However, Gibberd was a keen proponent of mixed development styles. Therefore, he insisted (to the Company’s disapproval) that 20-30% of the town include flats. This figure stills exists today (25.99%).
Flat selling prices since 1999
Firstly, we look at flat prices over the last 25 years. Secondly, It is important with all the data that is about to follow to understand the following. Data is supplied by Dataloft (https://inform.dataloft.co.uk/) and The Land Registry (https://landregistry.uk/). This means that the data has a ‘lag’ because a property sold today (Nov 2024) will not appear with Land Registry for at least another 6/9 months. However, this is the ONLY true data.
Unlike houses over the last 25 years, flats have been a little more erratic with steeper ‘dips’ in the leaner years. However, the trend over a longer period still makes flats a worthy investment.
Today though, flats have suffered more than houses and there has been an 18% reduction in sale prices since the heady highs of July 2023 (£236,556) to Sept 2024 (£192,039). This is easier to see in the graphic below..
Prices of Harlow flats have seen 15 months of steady decline.
As prices have fallen, so has volume of sales. The graphic below shows: Firstly, volume of flats sold in the last year & secondly, over the last two years.
June 2023 saw 94 flat sales.
Why?
Well go back 8 or 9 months and you have the Liz Truss mini budget that skewed the economy and mortgage interest rates started to rocket. Buyers, especially first time buyers who make up over 85% of flat sales where super keen to buy before their mortgage offer ran out. Hence the crazy June 2023 spike!
What have the actual figures been since Sept 2022?
A look at Harlow flats
Below are the average sale price of Harlow flats and how many flats in Harlow were sold:
Sept – Dec 2022
Firstly, Sept 2022 the average price was £219,721 and 33 flats were sold.
Secondly, Oct 2022 the average price was £218,147 and 26 flats were sold.
Thridly, Nov 2022 the average price was £221,287 and 58 flats were sold.
Finally, Dec 2022 the average price was £223,981 and 61 flats were sold.
2023
Firstly, Jan 2023 the average price was £222,969 and 20 flats were sold.
Secondly, Feb 2023 the average price was £221,744 and 27 flats were sold.
Then there’s Mar 2023 where the average price was £223,393 and 42 flats were sold.
Next is, Apr 2023 where the average price was £224,479 and 25 flats were sold.
Then, May 2023 the average price was £225,196 and 28 flats were sold.
Followed by Jun 2023 where the average price was £233,776 and 94 flats were sold.
Then, Jul 2023 where the average price was £236,556 and 47 flats were sold.
Next is Aug 2023 where the average price was £235,849 and 29 flats were sold.
then we have Sept 2023 where the average price was £234,532 and 22 flats were sold.
Then, Oct 2023 where the average price was £235,200 and 21 flats were sold.
Followed by Nov 2023 where the average price was £232,814 and 22 flats were sold.
Finally Dec 2023 the average price was £230,078 and 21 flats were sold.
Jan – Sept 2024
To date in 2024:
Jan 2024 the average price was £229,892 and 10 flats were sold.
Feb 2024 the average price was £230,246 and 14 flats were sold.
Mar 2024 the average price was £225,935 and 19 flats were sold.
Apr 2024 the average price was £224,605 and 10 flats were sold.
May 2024 the average price was £222,800 and 9 flats were sold.
Jun 2024 the average price was £205,284 and 10 flats were sold.
Jul 2024 the average price was £196,904 and 8 flats were sold.
Aug 2024 the average price was £194,613 and 12 flats were sold.
Sept 2024 the average price was £192,039 and 13 flats were sold.
Where were the flats sold?
Firstly, Jukes Estate Agents Harlow pride themselves on knowing all there is to know about Harlow and the surrounding villages. Therefore, the maps below show where exactly flats have sold since September 2022.
Firstly, CM17 9
Secondly, CM17 0
Next we have CM18 6
Then we have CM18 7
Next is CM19 4
Then we have CM19 5
Now it’s CM20 1
Then CM20 2
Finally, CM20 3
What does the future hold for Harlow flats?
Jukes Estate Agents Harlow’s co owner Geoff Flewers says: “Whilst the price of flats have fallen by 18% in a little over a year, the severity of that fall has not all been down to mortgage rates & inflation. The biggest factor as always has been the ridiculous over valuing.”
“Over valuing has been rife in Harlow for some time and for some reason, flats have been hardest hit! Owners need to be more realistic & Estate Agents definitely need to stop pricing high just to get the listing”.
“Overvaluing leads to the selling price actually being lower than the true market value.”
To find out how, visit the website of Jukes Estate Agents Harlow (https://jukesestates.co.uk//new/public_html/property-valuation/) or simply click the button below: