May, 2024
According to Rightmove House Price Index, average new seller asking prices rise by 1.1% this month (+£4,207) to £372,324, a substantial monthly price increase, but in line with the ten-year average for this time of year. The average price of property coming to the market for sale is now just £570 short of May 2023’s record of £372,894, while the annual rate of price growth increases to 1.7%, the highest level for 12 months. A key driving factor behind this growth towards a near-record average asking price is the largest homes, top-of-the-ladder sector, which is seeing its strongest start to a year for price growth since 2014. Overall, it continues to be a much-improved first four months of the year compared to 2023, with the market seeing boosts in both buyer and seller activity this Spring. However, agents report that despite the rise in prices and general sense of greater optimism, high mortgage rates are continuing to stretch affordability for the typical buyer. The market remains very price-sensitive and operates at different speeds across its many segments and areas, with prices and sales activity rising more slowly in the more mortgage-dependent, mass-market first-time buyer and second-stepper sectors. According to Nationwide House Price Index, UK house prices fell 0.4% month on month in April and the annual rate of change slowed to 0.6%, from 1.6% in March
Properties in Solihull had an overall average price of £354,746 over the last year.
The majority of sales in Solihull during the last year were semi-detached properties, selling for an average price of £345,687. Flats sold for an average of £195,339, with detached properties fetching £653,476.
Overall, sold prices in Solihull over the last year were 3% down on the previous year and 3% up on the 2021 peak of £344,541.
Houses in the region are taking on average 66 days to go under offer, from the 71 days we saw in March.
The spring has officially started, with weather picking up, flowers coming out and no more winter coats. It has been a miserable start to the year (weather wise) with none stop rain and constant grey clouds. I can see the frustration in people’s faces! As the sun comes out, so do more buyers and sellers, and we are already seeing an increase in activity with sales agreed and more new properties coming to market. Spring is a great time to sell, even more so when the sun is out, skies are blue and grass looks greener than ever!
If you are interested to know what your property is worth, please click here to book a market appraisal.Alternatively, call the office on 0121 430 4448 or email enquiries@hshomesofsolihull.co.uk
