Harlow property market August 2024
What’s happened to the Harlow property market this month.
As usual, we look at the four Harlow postcodes: CM17, CM18, CM19 & CM20.
We use a simple method of dividing the amount of properties on the market by the amount of properties sold. This gives you a percentage sold that we convert to a temperature rather than a percentage and then compare the stats month on month. This will show us if the market is heating up or cooling down!
CM17
After 5 consecutive months on the increase CM17 had a small drop to 49 degrees in August.
Given that August is arguably the quietest month of the year, it is an encouraging sign that the drop was minimal. The Bank of England base rate being cut and the subsequent lowering of mortgage rates came a little too late for CM17 to see a sixth increase on the ‘trot’.
When you look at where CM17 was in September 2023 though, the overall sign are looking good!
CM18
Harlow property market August 2024
CM18 remains the highest performing Harlow postcode. Even allowing for a fall from July, at 61 degrees it is still the highest.
Again, it’s is almost certainly a seasonal thing and hopefully this Harlow postcode will start to rise soon.
CM19
CM19 is the only Harlow postcode to see a rise in August.
A fourth consecutive rise is a fantastic result for this ever popular although extremely diverse postcode.
Since Oct 2023, CM19 has seen steady rise. Why? One reason Co owner of Jukes Estate Agents Geoff Flewers believes is down to a steady decline in dreadful over pricing. He said: “There is little doubt that CM19 saw some awful over pricing of property. It has been a slow but consistent improvement as property after property saw price reductions. CM19 suffered more than any other Harlow postcode (data https://www.home.co.uk/).
CM19 stands at 56 degrees and we are keeping a close eye on what happens in the remainder of 2024.
CM20
CM20 is the second highest performing Harlow postcode.
Although there was a small dip in August, you can see from the graphic above that this postcode has risen month on month over the last year with the exception of 2 months. 10 increases and 2 decreases in 12 months is fantastic. The 2 decreases were minimal and were in February (the coldest month) and August (the quietest month).
Conclusion
As Harlow Estate Agents, Jukes Estate Agents Harlow are upbeat about their local market. Who can blame them!
CM18, CM19 & CM20 combined has an average heat of 58.66 degrees. It’s only CM17 that still lags behind. Co owner Lee Venables takes up the story: ” CM17 suffers for two reasons. 1. CM17 has a much higher average property value then 18, 19 & 20. and 2. Over pricing was dreadful earlier this year & as a consequence is still suffering.”