July 2023: Growing seller confidence underpins strong performance in the Harrow market
Sat 01 Jul 2023
The latest release of the Halifax House Price Index indicates a significant increase in house prices.
The data reveals a robust upward trend, with prices rising steadily across the market. The report
highlights strong demand and limited supply as key drivers for this growth. Overall, the index points to
a buoyant housing sector with rising prices and challenges for aspiring homeowners.
Likewise, the latest Rightmove Index shows a surge in property prices. The average property price
surges by 1.8% (+£6,647) this month, reaching a new record of £372,894 due to high market activity.
Confidence in the market varies across sectors, with some caution observed in the top-of-the-ladder
segment. Mortgage rates remain steady despite a recent Bank of England base rate increase. A 5-
year fixed mortgage with a 15% deposit is now at 4.56%.
“In 2022 in Harrow, 14.0 per cent of all homes sold for £1m or more”
Growing seller confidence might be down to the diminishing likelihood of pessimistic market
predictions made earlier this year. The housing market is expected to continue its transition to a more
normal state following the exceptional activity during the pandemic. Stable mortgage rates and an
optimistic economic outlook further contribute to seller confidence. However, caution remains
necessary as the market remains sensitive to pricing, with realistically-priced properties performing
better than overpriced ones.
In 2022 in Harrow, 14.0 per cent of all homes sold for £1m or more, compared with 8.5% in 2017. This
highlights the continuing nature of Harrow as a property hot spot, not only in London but nationally
and internationally as well.
The data reveals a robust upward trend, with prices rising steadily across the market. The report
highlights strong demand and limited supply as key drivers for this growth. Overall, the index points to
a buoyant housing sector with rising prices and challenges for aspiring homeowners.
Likewise, the latest Rightmove Index shows a surge in property prices. The average property price
surges by 1.8% (+£6,647) this month, reaching a new record of £372,894 due to high market activity.
Confidence in the market varies across sectors, with some caution observed in the top-of-the-ladder
segment. Mortgage rates remain steady despite a recent Bank of England base rate increase. A 5-
year fixed mortgage with a 15% deposit is now at 4.56%.
“In 2022 in Harrow, 14.0 per cent of all homes sold for £1m or more”
Growing seller confidence might be down to the diminishing likelihood of pessimistic market
predictions made earlier this year. The housing market is expected to continue its transition to a more
normal state following the exceptional activity during the pandemic. Stable mortgage rates and an
optimistic economic outlook further contribute to seller confidence. However, caution remains
necessary as the market remains sensitive to pricing, with realistically-priced properties performing
better than overpriced ones.
In 2022 in Harrow, 14.0 per cent of all homes sold for £1m or more, compared with 8.5% in 2017. This
highlights the continuing nature of Harrow as a property hot spot, not only in London but nationally
and internationally as well.