August, 2024
According to Rightmove House Price Index, the average price of property coming to the market for sale drops by just £21 this month (0.0%) to £375,110, as prices in June follow the same seasonal pattern as recent years and remain flat after reaching a record in May. Price trends differ across Great Britain, and the strongest price growth this month is occurring in the less expensive and more northerly regions, with five of the six cheapest areas reaching new price records. By contrast, the higher-priced East of England and London regions lag and see this month’s only regional price falls.
Now that a General Election has been called, Rightmove’s whole-of-market data suggests that activity is largely remaining stable, with the market maintaining its 2024 momentum. The number of sales being agreed and the number of buyers sending enquiries to agents remain steady, with the vast majority of those already in the home-moving market continuing with their plans. One exception is possible election caution among some would-be sellers, which is most pronounced for those at the typically more discretionary top end of the market, some of whom appear to be pausing their plans to see how the next few weeks unfold.
According to Nationwide House Price Index, UK house prices increased by 0.4% in May, after taking account of seasonal effects. This resulted in a slight pickup in the annual rate of house price growth to 1.3% in April, from 0.6% the previous month.
Properties in Solihull had an overall average price of £354,809 over the last year.
The majority of sales in Solihull during the last year were semi-detached properties, selling for an average price of £345,646. Flats sold for an average of £186,591, with detached properties fetching £645,237.
Overall, sold prices in Solihull over the last year were 3% down on the previous year and 3% up on the 2021 peak of £343,374.
Houses in the region are taking on average 60 days to go under offer, from the 64 days we saw in May.
The market appears to be showing signs of resilience in the face of ongoing affordability pressures following the rise in longer term interest rates, along with the announcement of the general election which could bring more uncertainly to home movers. May has seen in influx in new properties coming to market, but not new buyers coming to market, which is making it a buyer market at the moment.
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
