March, 2025
According to Rightmove House Price Index, The average price of property coming to the market for sale rises by 0.5% this month (+£1,805) to £367,994. After a fast start to the year which saw average asking prices rise by more than usual, February’s price increase is more subdued, below the longer-term average of +0.8%. This month’s lower price trend appears to be both a proactive measure, recognising higher costs for some buyers with England’s looming stamp duty deadline at the end of March, and a reaction to the record number of sellers who came to market early in 2025. The average number of available homes for sale per estate agency branch continues to run at a 10-year high, reducing sellers’ pricing power. Meanwhile, rising stamp duty charges are set to impact some regions and types of movers more than others. Many first-time buyers in lower-priced areas won’t be affected at all by the changes, as there is still good availability of homes that will be stamp-duty free. By contrast, those most affected will be first-time buyers purchasing a home between £500,001 and £625,000 where an extra £11,250 in costs is at stake for this group if the deadline is missed and not given a short extension by the government. Rightmove also expects a conveyancing log-jam as some movers scramble to complete their purchase in time.
According to Nationwide House Price Index, the price of a typical UK home rose by 3.9% year on year in February, similar to the annual pace of growth seen in January. House prices increased by 0.4% month on month, after taking account of seasonal effects - the sixth consecutive monthly gain.
House prices in Solihull have an overall average of £390,544 over the last year.
The majority of properties sold in Solihull during the last year were semi-detached properties, selling for an average price of £369,658. Flats sold for an average of £182,444, with detached properties fetching £706,666.
Overall, the historical sold prices in Solihull over the last year were similar to the previous year and 2% up on the 2022 peak of £381,528.
Houses in the region are taking on average 78 days to go under offer, from the 71 days we saw in January.
Buyers race to get their home completed before the 31st March in an attempt to beat the stamp duty deadline which is fast approaching, however with the average sales process currently at 5 months, unless you are almost there, this deadline is unlikely.
The number of new sellers coming to market has slowed and has now settled at 13% ahead of this time in 2024.
Slower price rises are helping to support activity levels, with no major drop-off in activity expected from April, after the stamp duty deadline.
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
