August, 2024
According to Rightmove House Price Index, the average price of property coming to the market for sale rises by 0.8% this month (+£2,807) to a new record of £375,131 as the momentum of the Spring selling season exerts some modest upwards price pressure. May is typically a strong month for price growth, with new price records having been set in May in 12 of the previous 22 years. Price growth is still led by the largest-homes, top-of-the-ladder sector, with prices in this sector up by an average of 1.3% compared with last year. However, since the last price record set a year ago in May 2023, average prices are only 0.6% higher overall, a reminder that the market remains very price-sensitive. 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 64 days to go under offer, from the 66 days we saw in April.
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
