April, 2024
According to Rightmove House Price Index, the average price of property coming to the market for sale rises by 1.5% (+£5,279) this month to £368,118, as the market continues its recovery after a muted 2023. The positive start to the year continues, with Rightmove recording an increase in buyer demand, measured by people sending enquiries to estate agents, and stronger sales numbers than a year ago. This, alongside the usual Spring optimism, has put upwards pressure on prices. This month’s 1.5% price growth is notably higher than the average historic March increase of 1.0%, and the biggest monthly increase in prices for 10 months. However, average asking prices are still £4,776 below the May 2023 peak and the increase in buyer activity suggests that more are seeing a window of opportunity to buy. Higher activity at the start of this year compared to last year must also be looked at in the context of the more cautious start to 2023. Rather than the start of another market surge, the signs are that overall activity levels have now returned to steadier pre-pandemic norms. However, the elevated level of mortgage interest rates mean that the increased activity is skewed towards those buyers who are less sensitive to higher mortgage costs.. According to Nationwide House Price Index, UK house prices fell by 0.2% in March, after taking account of seasonal effects. Nevertheless, the annual rate of house price growth edged higher to 1.6% in March, from 1.2% in February.
Properties in Solihull had an overall average price of £362,668 over the last year.
The majority of sales in Solihull during the last year were semi-detached properties, selling for an average price of £347,691. Flats sold for an average of £198,590, with detached properties fetching £662,458.
Overall, sold prices in Solihull over the last year were similar to the previous year and 5% up on the 2021 peak of £344,795.the last year were 2% up on the previous year and 6% up on the 2021 peak of £345,303.
Houses in the region are taking on average 71 days to go under offer, from the 80 days we saw in February.
With an increase in buyer demand and sales agreed, this year is off to a great start. As the weather picks up, this will naturally bring more buyers and sellers to the market. The spring is usually one of the best times of year to sell your home, as weather warms up and people are more motivated to move. It is crazy to think, but the weather really does dictate the market.
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
