June, 2025
According to Rightmove House Price Index, The average price of property coming to the market for sale rises by 1.4% (+£5,312) this month to a new record of £377,182. This is the first monthly price record since May 2024, with asking prices and activity typically higher during the Spring season. In a sign of continuing market resilience, this month’s price increase is larger than the average April increase of 1.2%, despite the number of available homes for sale remaining at a 10-year high for the
time of year. Whilst a seasonal increase in asking prices is a positive sign for the health of the market, new sellers need to be cautious of the high competition for buyers that they may face when setting their asking price. Rightmove’s research shows that homes that are priced realistically from the start of marketing, rather than
reduced later, are more likely to find a buyer, and in less than half the time on average. Meanwhile, the latest snapshot of market activity suggests that the stamp duty increase in England on 1st April hasn’t deterred most movers going through the sales completion process, and that new buyers and sellers still feel confident to enter
the market. Over the last few days, the effects of President Trump’s tariffannouncements have been unfolding. It’s too early to tell what the repercussions may be on the UK property market, but one potential impact of the announcements is that mortgage rates could drop more quickly, boosting buyer affordability.
According to Nationwide House Price Index, April saw a slowing in UK house price growth to 3.4%, from 3.9% in March. House prices fell by 0.6% month on month, after taking account of seasonal effects.
The softening in house price growth was to be expected, given the changes to stamp duty at the start of the month. Early indications suggest there was a significant jump in transactions in March, with buyers bringing forward their purchases to avoid additional tax obligations.
The market is likely to remain a little soft in the coming months, following the pattern typically observed following the end of stamp duty holidays. Nevertheless, activity is likely to pick up steadily as summer progresses, despite wider economic uncertainties in the global economy, since underlying conditions for potential home buyers in the UK remain supportive.
House prices in Solihull have an overall average of £394,944 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 £380,469. Flats sold for an average of £182,294, with detached properties fetching £726,148.
Overall, the historical sold prices in Solihull over the last year were 3% up on the previous year and 4% up on the 2022 peak of £381,285.
Houses in the region are taking on average 64 days to go under offer, from the 69 days we saw in March.
Since the stamp duty increase, the level of agreed sales falling through has remained steady. This indicates that there has been no major pull-out from agreed deals by first-time buyers and home-movers who were unable to complete before the tax rise. The last-minute rush to complete sales from those who were fortunate enough to be able to beat the deadline, means that the queue of buyers waiting to complete their purchase has eased by nearly 24,000 or 4%. It’s the first time that this queue has dropped during the month of March since thepandemic in 2020, though it has now started to tick up again.
Overall, across the full month of March, new buyer demand was 5% higher than at the same time last year, and the number of new sellers coming to market was 4% higher.
The full impacts of President Trump’s tariffs will play out over the coming weeks and months. With the latest Bank of England rate reduction, this could lead to mortgage rates reducing more quickly than anticipated. Average mortgage rates remain high, and the current average five-year fixed mortgage rate of 4.72% is only slightly lower than the average of this time last year, which was 4.84%.
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
