August, 2024
According to Rightmove House Price Index, The average price of property coming to the market for sale drops 0.4% (-£1,617) to £373,493. This is a bigger drop than the 20-year July average of -0.2%, as sellers try to capture the attention of buyers with a more tempting price heading into the thick of the summer holidays and the Olympics. Home-movers are dealing with more diversions than normal at this time of year, having just come through the distractions of the General Election campaign and the Euro football tournament, but prices remain stable overall at 0.4% higher than a year ago.
According to Nationwide House Price Index, UK house prices rose 0.3% month on month in July, annual growth rate picked up to 2.1%, from 1.5% in June which marks fastest pace of growth since December 2022.
Properties in Solihull had an overall average price of £352,905 over the last year.
The majority of sales in Solihull during the last year were semi-detached properties, selling for an average price of £347,091. Flats sold for an average of £177,920, with detached properties fetching £650,179.
Overall, sold prices in Solihull over the last year were 4% down on the previous year and 3% up on the 2021 peak of £343,374.
Houses in the region are taking on average 61 days to go under offer, from the 60 days we saw in June.
The summer holidays mean less buyers in the markets, which mean less competition for buyers that are active and seriously looking to buy. We often see a dip in activity from buyers during this period until the schools go back in September.
The markets at the moment are in favour of the buyers, but this could all change with the latest Bank of England rate decrease.
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
