Harlow Property Market July 2024

Harlow saw yet another increase in activity during the last month.

471 Properties sold in the previous 90 days (https://www.home.co.uk/). This is the 6th consecutive increase in properties sold in a 90 day period (see graph below).

As you can see from the graphic above, there has been a steady increase during 2024. There are possibly several reasons for this.

1. The are more properties for sale now then ever before & therefore more will sell.
2. There were so many properties that were overpriced and have been on the market so long that at last they are being reduced in price & this makes them a more attractive proposition.
3. More properties sell in the summer months.
4. Mortgage rates have started to fall slightly.

Selling time in days in Harlow

Currently it is taking 86 days to sell a property in Harlow. Please bear in mind that this is the average time & that there are many properties that have been on the market way too long. This is simply down to overpricing.

You will see that the selling time for Jukes Estate Agents Harlow is way less than the average. This is down to accurate valuing & superb marketing.

Time to sell by property price band.

Harlow Property Market July 2024

1. £100,000 – £200,000 83 days
2. £200,000 – £300,000 102 days
3. £300,000 – £400,000 63 days
4. £400,000 – £500,000 103 days
5. £500,000 – £1,000,000 93 days
6. Over £1,000,000 181 days

We can discount the over £1,000,000 properties as there really is not enough data, hence the big fluctuation in selling times. However, there has been a drop in the £100,000 – £200,000 & £400,000 – £500,000 properties whilst the £300,000 – £400,000 have flat lined. There has been a worrying increase in the £200,000 – £300,000 price band. This is the third monthly increase in a row and this needs attention from all Harlow Estate Agents.

Selling times by number of bedrooms

The graphic above looks at how long it takes to sell property by number of bedrooms.

1. One bedroom 89 days.
2. Two bedrooms 102 days.
3. Three bedrooms 71 days.
4. Four bedrooms 78 days.
5. Five bedrooms 106 days.

Selling time by property type

The graphic above shows selling time in days by property type.

Flats 114 days.

Terraced 73 days.

Semi Detached 70 days.

Detached 84 days.

Summary

There have been green shoots growing for some time in Harlow as the property market slowly improves. However, the green shoots have been overshadowed by continued high interest rates & blatant overpricing by agents who know no other way to try to get instructions.

Hopefully the Bank of England with lower the base rate from 5.25% to 5% in a few weeks. This will in turn lower mortgage rates which will be much needed as we enter a period (summer holidays) when the market traditionally slows down some.

Thinking of selling or just curious as to your properties value?