Harlow
Housing Crisis? Only 1.2% of Harlow Homes Are For Sale
The Harlow Property Market continues to
disregard the end of the world prophecies of a post Brexit fallout with a
return to business as usual after the summer break.
The challenge every Harlow property
buyer has faced over the last few years is a lack of choice – there simply
hasn't been much to choose from when buying (be it for investment or owner
occupation). Levels are still well down on what would be considered healthy
levels from earlier in this decade, as there is still a substantial
demand/supply imbalance. Until we start to see consistent and steady increases
in properties coming on to the market in Harlow, the market is likely to see
upward pressure on property values continue.
However, there may be hope for first
time buyers, with homeowners looking to move upmarket and buy to let landlords
looking for their next investment, the Harlow property supply crisis just might
be starting to ease, as the number of new properties coming onto the market in Harlow
has increased.
For example, last month CM17 saw 72 new
properties coming on to the market, not bad when you consider at one point during
the year it was as low as early 30’s. With the average Harlow property value
hitting a record high, reaching almost £313,000 according to my research, this
shortage of properties on the market over the last two years has contributed to
this ‘fuller' average property figure, but there is a glimmer of hope that the Harlow's
supply crisis may be starting to ease.
As I write this article, 1.23% of Harlow
properties are up for sale. In terms of actual chimney pots, that equates to 350
properties on the market in Harlow (within 3 miles of the centre of Harlow) –
which, when compared to only a year ago when that figure stood at 245, is a
serious increase in the number of properties available to buy. Split down into
the type of property, it makes even more fascinating reading...
·
Detached Properties in Harlow - 105 on the market a year ago compared to 105
on the market now – no change
·
Semi Detached Properties in Harlow
- 35 on the market a year ago compared to 88 on the market now - an increase of
151%
·
Terraced Properties in Harlow - 48
on the market a year ago compared to 92 on the market now - an increase of 92%
·
Flats / Apartments Properties in
Harlow - 40 on the market a year ago
compared to 52 on the market now - an increase of 30%
With realistically priced properties
flying off the shelves and this increase in new properties (especially semis
and terraces), this is evidence of strength in the Harlow housing market that
many didn't expect. Many believed that the Harlow property market wasn't going
to be strong enough post Brexit - as what was a sellers' market before the
Brexit vote and Buyers' market in the early months after it, may now be
somewhere in between and the market might just be coming back into balance.
However, all this will mean property
values won't continue to grow at the same extent they have been over the last
12 to 18 months, and in some months (especially on the run up to Christmas and
early in the New Year), values might dip slightly. This won't be down to Brexit
but a re-balancing of the Harlow Property Market – which is good news for
everyone.
For more thoughts on the Harlow
Property Market, please visit the Harlow Property Blog http://harlowproperty.blogspot.co.uk/
