If you’re interested in properties in Harrow or the surrounding areas, whether renting or buying, you need to know the ins and outs of the Harrow property market. By looking at the numbers, we can understand whether Harrow is becoming more expensive or a good time to buy or rent a house there.
In 2024 Q1, the Harrow property market saw some interesting changes. The main thing to know is that home prices have generally decreased, which means that buying a house has become a bit cheaper.
However, if you’re looking to rent a home, you might notice it’s costing more. The monthly payments people need to pay to live in a rented house has increased. So, in short, buying a home in Harrow might be a bit easier on your pocket, but renting one has become pricier.
We analyse the data from the Land Registry, and other UK’s largest online property portals.
If you wanted to buy a house in Harrow last year, it would have cost more than it does now. The average price for a house went down by a little bit, about 4.5%, setting the new average price of £503,000.
But, if you were renting a place to live, you’d need more money than before. Rent went up by 9.6%, which means tenants are now paying, on average, £1,556 every month.
This shows us how the prices for buying and renting homes in Harrow have changed over the past year, with buying becoming slightly cheaper and renting more expensive.
In Harrow on the Hill, houses typically sell for about £558,000, and renting a place can cost around £493 every week. These numbers tell us that living here is quite expensive compared to other parts of London.
In Harrow on the Hill, detached homes are currently valued at around £585,000, while flats are about £255,000. Over the last six months, asking prices to have slightly declined, with an average decrease of 1.4%. This shift suggests a subtle cooling in market demand.
Even though it’s costly, people choose Harrow on the Hill because it offers a unique blend of city life and quiet, green spaces. This makes it an attractive spot, especially for those looking for a mix of both worlds in the busy city of London.
The property market in North Harrow has unique trends. On average, homes ask for prices around the mark you’d expect in such a sought-after area, selling for an average of about £617,000. The houses also aren’t rushing off the market, taking their time to find the perfect match between seller and buyer. Recently, there’s been a slight dip in asking prices by about 1.5% over the last six months.
This small change could mean buyers are a bit hesitant or looking for better deals. Detached houses are on the higher end, averaging around £966,000, while flats are more accessible at £250,000. This price variation and recent shift indicate a diverse market where buyer sentiment and demand can greatly influence prices.
Looking at house prices in West Harrow over the past year gives us a colourful picture. Think of it like a mixed bag of candies, where each type represents a different kind of house. Terraced houses, like the popular ones in the mix, sold the most, with a price tag stretching a bit above half a million pounds (£527,000).
Flats, or apartments as some call them, were like the basic candies, more affordable at around £310,000. Semi-detached houses? Those were the luxury sweets, selling for quite a bit more – on average, about £670,000.
Overall, everyone spending money on houses here saw their investments grow slightly (about 4%) compared to the last few years.
In the South Harrow area, people looking to buy a house have been seeing prices around £564,000 on average. Additionally, it’s important to know that the houses in the area aren’t selling super fast – they’re available on average for about 17 weeks.
The average price for detached homes is around £966,000, while apartments are priced at about £220,000. Over the last six months, there’s been a slight adjustment in asking prices by approximately -1.5%.
This may have been influenced by the late price dip of about 1.5%. This slight drop might mean that people aren’t rushing to buy as much as before, possibly because they’re waiting for prices to get even better or they’re not as eager to make the moves right now.
Looking ahead, the Harrow property market seems to be on a twisty path, with prices moving a bit like a roller coaster. For folks dreaming of buying or selling a home in Harrow, now might be a smart time to keep a close eye on these trends.
“If you’re thinking, “Should I jump in now or wait a bit?” Remember, decisions like these require good timing and some homework on the current market.” – Sunil Sharma
If you’re still feeling a bit puzzled about what your next step should be, reach out to Woodward Estate Agents – local professionals with extensive knowledge of the Harrow market. Our experts helped hundreds of happy clients buy, sell, and rent properties in and around Harrow, Harrow on the Hill, and South Harrow.
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