Housing market ends 2024 much stronger
As 2024 comes to a close, Jukes Estate Agents Harlow reflect on the improvement in the housing market since the start of the year. More positive underlying economic and financial drivers of residential prices have been critical to that change.
At the start of the year interest rate cuts hadn’t happened. Inflation was double the target rate and economic growth wasn’t strong enough to help drive price growth.
By the end of 2024, a range of those economic drivers had improved. This is contrary to negative consensus forecasts at the start of the year. Property prices have grown by 3.7%.
Critical to that change has been lower inflation allowing the Bank of England to start cutting interest rates. Five year mortgage rates are improved on this time last year and significantly improved on two years ago.
Economic growth has been sluggish and there have been points throughout the year that caused growth to pause (uncertainty surrounding the General Election in July and the Budget in October) but nevertheless economic growth has been stronger in 2024.
Next year looks set to be a similar year for the housing market: economic forecasts currently suggest a little potential upside to GDP growth, continued lower inflation (although sitting just above target) and further interest rate cuts. Data from Dataloft inform (https://inform.dataloft.co.uk/).
What about Harlow?
Housing market ends 2024 much stronger
Estate Agents in Harlow have only themselves to blame for the poor 2024 performance says Jukes Estate Agents marketing director Geoff Flewers.
“Over pricing continues to hold back the property market in Harlow.”
He continues: “The continual ‘bragging’ about volume of properties individual agents have sold have, to a degree, hidden the real facts.”
“Too many Harlow properties are consistently listed at a ridiculous price. Time & time again we have seen property listed for £25,000 or even more than property has EVER sold for in a particular street. Then there’s the long wait for price reductions which invariably means the property actually ends up selling for less than it would if it had been listed at the correct amount.”
Conclusion
Across the UK, property prices increased by 3.7%.
In Harlow, prices fell by 2.55%.
Flats fell 1.49%.
Terraced properties fell by 0.9%.
Semi detached properties fell by 1.17%.
Detached properties fell by 6.67%.