December, 2024
According to Rightmove House Price Index, the average price of property coming to the market for sale drops by 1.4% this month (-£5,366) to £366,592. This is the second month in a row that new seller pricing has fallen more than the norm, with the usual drop seen at this time of year being 0.8%. Last month’s pre-Budget jitters have turned into post-Budget disappointment, creating new challenges for the housing market, and appear to have caused a larger-than-normal seasonal slowdown in pricing as we head towards Christmas. However, despite the dampener of the Budget, the big picture of market activity remains strong when compared with last year. Since the Budget we have also had a second Bank Rate cut, with Rightmove’s real-time data identifying early signs of a subsequent boost in buyer activity. Sustained strong market metrics compared with last year and optimism for lower mortgage rates in 2025 have led to Rightmove forecasting a 4% increase in average new seller asking prices next year. Despite this prediction, the market is expected to remain price-sensitive, and sellers are currently competing with a decade-high number of other sellers to attract a buyer. While more mortgage rate cuts are still expected during 2025, Bank Rate cuts are now forecast to be slower-paced, which could delay the affordability improvements that some movers have been holding out for.
According to Nationwide House Price Index, UK house prices rose 1.2% month on month, annual growth rate rebounded to 3.7%, from 2.4% in October which is the fastest since November 2022. House prices now just 1% below all-time peak
House prices in Solihull have an overall average of £381,002 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 £367,610. Flats sold for an average of £183,488, with detached properties fetching £699,976.
Overall, the historical sold prices in Solihull over the last year were 4% down on the previous year and similar to the 2021 peak of £379,678.
Houses in the region are taking on average 61 days to go under offer.
The number of sales being agreed is still ahead for this time of year which shows some really positive signs for the year ahead. There is also an increase of new sellers coming to market too. The markets are likely to slow down as we head towards Christmas as they usually do at this time of year, however 2025 is looking bright. Rightmove predict a 4% increase in house prices being listed on Rightmove, which is the highest prediction since 2021. There are also predictions to see a surge in completions before March 2025 as people try to beat 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
