Harlow property market Q2 update
When Jukes Estate Agents Harlow start looking at property market data, there’s always a dilemma.
“We trawl data from many sources including TwentyEA, The Advisory, Dataloft Inform(https://inform.dataloft.co.uk/) & Home.co.uk
Co owner Geoff Flewers continues: “To say that there are variants in different company’s data is an understatement. The reasons are too many & we have found that by adding all the data together and dividing it by the number of data sets we work from, we arrive at a more accurate figure than most.” Therefore: There were approx. 450,000 properties listed for sale in the UK in April. May & June 2024. This is approx. 10% higher than 2023 and 15% higher than the previous 10 year average.
According to TwentyEA the average price of property in the UK at the end of June 2024 was £454,223 which is an increase of 3.75%. However, when looking at Harlow we see a different picture.
Harlow stats
The average price of a Harlow property is £309,952 (Dataloft Inform) which is a 3.67% reduction on the same period in 2023 (£321724).
When we drill deeper into the Harlow property market, we look at individual property types:
Flats now have an average price of £220,187. This time last year the average price was £223,213.
Terraced property is now £318,425. This time last year the average price was £330,288.
Semi detached property currently stands at £414,043. This time last year the price was £414, 817.
Detached property is currently £551,416. A year ago it stood at £578,465.
So compared to 2023, flats have decreased by 1.35%, Terraced properties have reduced by 3.59%, Semi Detached properties remarkably hardly moved & Detached Properties fell by 4.67%
A great way to see how a market is doing is an innovative way devised by The Advisory. They use the old tried and tested way of dividing how many properties have sold (STC) against the amount of properties listed. This gives you a percentage of properties sold. The Advisory simply uses the figure as a temperature instead of a percentage.
What we see when looking at this is that in all Harlow postcodes (CM17, 18, 19 & 20) there has been an upturn in percentages of properties sold.
CM17 sits at 47%, CM18 60%, CM19 51% & CM20 60%
Realistic & accurate pricing is the key!
Ok, so we ‘bang on’ about accurate & realistic pricing a lot. But ask yourself why! The answer is simply this.
There is a theoretical market value to every property. Most Estate Agents have enough industry tools at their disposal to know pretty much what a property in ‘their patch’ will sell for. It isn’t cast in stone and there will always be a tolerance either side of that figure.
When we say theoretical market value, we mean that although your property is only worth what a qualified buyer is willing to pay for it, what a qualified buyer is willing to pay isn’t fixed!
So what happens?
Therefore, by being realistic and pricing the property a little lower, you will achieve many more viewers and therefore more people will like your property. Statistics show that when two identical properties on the market, one with a realistic price perhaps a little lower than what it is probably worth against one that has been priced high, in 95% of cases, the lower priced property sells for more than the higher priced property.
We have and will again write individual blogs on this very subject.
Harlow property for sale
There were 601 properties listed for sale in the second quarter of 2024.
Properties priced at £300,000 – £400,000 were the most popular
471 properties sold (STC) in the second quarter although only 328 of the 601 listed sold. The remaining 143 sold were form properties listed earlier (https://www.home.co.uk/).
Conclusion
First time buyers are propping up the Harlow Property Market and in particular, first time buyers from London.
The ludicrously high prices in London are driving Londoners up the M11 where they can buy 3 bedroom houses for the same price as a 2 bedroom flat in the Capital.