Harlow Property Market 2020-2024
It is well worth noting that these figures are the ONLY accurate figures as they are taken from the Land Registry. Where the confusion sometimes stems from is that there is a lag! You can see from the graph above that is was around Jan 2023 that prices started to fall. This is approx. 3/4 months after the Liz Truss mini budget they skewed the economy and forced mortgage rates up at an alarming rate. This has had a knock on effect throughout 2023. 2024 has seen the property market ship settle a little, and whilst this blog is being written in early September 2024, August 2024 figures have not yet been released by the Land Registry.
Harlow property since July 2020 saw a month on month steady rise until it reached a peak in Nov 2022. We then saw a steady month on month decrease until now! Below are the actual 6 month figures:
July 2020 £292,161
Jan 2021 £296,247
Jul 2021 £311, 859
Jan 2022 £317,764
Jul 2022 £317,183
Nov 2022 £329,447 (Highest month)
Jan 2023 £327,024
Jul 2023 £323,197
Jan 2024 £314,522
Jul 2024 £317,747
Data supplied by dataloft by PriceHubble (https://inform.dataloft.co.uk/)
BREAKDOWN BY PROPERTY TYPE
Harlow Property Market 2020-2024
FLATS
Harlow flats fell in the second half of 2020. This was not the case with other types of property. However, the prices rose steadily and peaked a year ago in July 2023 at £200,539. After falling back again, they seem to be back on the increase and currently stand at £189,487. Below are the 6 month breakdowns:
Jul 2020 £183,874
Jan 2021 £176,239
Jul 2021 £183,608
Jan 2022 £196,337
Jul 2022 £194,949
Jan 2023 £199,241
Jul 2023 £200.539 (highest month)
Jan 2024 £189,690
Jul 2024 £189,487
TERRACED
Good old ‘Harlow Terraced Property’. Where would we be without it?
Consistency personified! 2023 has seen a reduction in sales prices (once again down to the Liz Truss mini budget). However, 2024 sales figures look promising. Average price for a terraced property as of July 2024 now stands at £319,489. Below are the 6 month breakdown prices:
Jul 2020 £278,384
Jan 2021 £284,443
Jul 2021 £291,646
Jan 2022 £299,960
Jul 2022 £313,379
Jan 2023 £329,632
Mar 2023 £331,368 (highest month)
Jul 2023 £328,829
Jan 2024 £317,773
Jul 2024 £319489
What about the more expensive Harlow properties?
SEMI DETACHED
In a previous blog, we showed that Semi Detached properties had given the best return over the last 25 years. The same applies when you look at the last 4 years. From £347,320 in July 2020 to £412,115 in July 2024. Semi detached properties have risen by 18.65%. Below are the 6 month breakdowns:
Jul 2020 £347,320
Jan 2021 £369,495
Jul 2021 £378,972
Jan 2022 £385,242
Jul 2022 £412,935
Jan 2023 £419,440
Jul 2023 £410,367
Jan 2024 £411,533
Jul 2024 £412,115
DETACHED
Again, the peak for detached properties was in Jan 2023. Again, the last detached properties sold before the Liz Truss mini budget! Since then they have been in decline and are now around the levels of Dec 2021. Below are the 6 month breakdowns:
July 2020 £515,451
Jan 2021 £485,291
Jul 2021 517,744
Jan 2022 £559,629
Jul 2022 £589,412
Jan 2023 £605,704 (highest month)
Jul 2023 £589,710
Jan 2024 £564,808
Jul 2024 £540,952
Conclusion
July 202 saw us all coming out of lockdown with many rules still in place. We have had other lockdowns and restrictions, 4 Prime Ministers (one of which completely skewed the economy), high inflation, high mortgage rates AND YET, the Harlow Property Market didn’t crash!
As the base rate of interest has been lowered for the first time in ages, as inflation hovers around 2% and mortgage rates start to drop again, green shoots are appearing!
It is worth noting that during the last 4 unprecedented years the Harlow Property Market has weathered the storm very well indeed.
All properties combined in the last 4 years has risen by 8.75%, semi detached properties have risen by a whopping 18.65%. Terraced properties by a healthy 14.76%. Detached properties rose by 4.94% and finally flats rose by just 3.05%
As Harlow Estate Agents, Jukes Estate Agents co owner Geoff Flewers says: “The Harlow Property Market remains resilient and strong! Its geographic location means it is still a magnet for Londoners getting on the property ladder! Long may it continue.”