February 2024 Property Market Report Solihull

March, 2024

According to Rightmove House Price Index, average new seller asking prices rise by 0.9% (+£3,091) this month to £362,839, in line with the seasonal rise we’d expect to see in February. Perhaps more noteworthy is that average prices are now up by 0.1% compared to this time last year, following annual falls in every month since August 2023, one of several signs of growing market momentum. The number of sales agreed in the first six weeks of the year is 16% higher than in the same period last year, indicating that early-bird buyers feel that 2024 offers the right market conditions to move, and they are already seizing the opportunity. However, the market remains price-sensitive, with many buyers very budget-conscious. Sellers who are over-optimistic and think that the more positive market sentiment will let them try asking for too high a price, risk being left on the shelf and missing out on the important Spring moving season. According to Nationwide House Price Index, UK house prices rose 0.7% month on month in February. Annual rate of change returned to positive territory for first time since January 2023 - prices up 1.2% year on year

The property market in Solihull for February

Properties in Solihull had an overall average price of £364,427 over the last year.

The majority of sales in Solihull during the last year were semi-detached properties, selling for an average price of £339,182. Terraced properties sold for an average of £263,766, with detached properties fetching £669,257.

Overall, sold prices in Solihull over the last year were 2% up on the previous year and 6% up on the 2021 peak of £345,303.

How fast are homes selling?

Houses in the region are taking on average 80 days to go under offer, from the 71 days we saw in January and 65 days we saw in December.

What can we expect to see in the property market?

The market is warming up as we head into March. Last year a lot of buyers and sellers held off due to the uncertainty around interest rates. This year we have the normal spring movers, along with the stalled movers from last year coming to market, meaning more choice of properties available to buy and more buyers looking for a new home. If you are thinking about selling, March is the busiest month according to research.

Are you thinking of selling? 

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




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