Solihull Housing Market Report – April 2024 Market Overview
The Solihull housing market has shown signs of moderation in recent months. While house prices remain relatively high, the rapid growth experienced in previous years appears to be slowing.
Here are some key trends to consider:
Average House Prices: Rightmove reports an average price of £355,546 over the last year, down 2% from the previous year [Rightmove house prices]. However, the Office for National Statistics (ONS) shows a slightly lower January 2024 average of £338,000, representing a 2.7% decrease compared to January 2023 [ONS house price solihull].
Time on Market: There has been an increase in the average time properties are for sale. [Home.co.uk solihull ON home.co.uk] reports an overall rise of 20% year-on-year, with detached houses experiencing the most significant increase (+30%).
Property Type: Semi-detached properties remain the most common and affordable option, with an average price around £345,000 [Rightmove house prices]. Detached houses command a significant premium, averaging over £650,000 [Rightmove house prices].
Rental Market
The Solihull rental market continues to see rising rents. According to the ONS, private rents have increased by 10.6% year-on-year, reaching an average of £1,142 per month in February 2024 [ONS house price solihull].
Considerations
The overall economic climate and interest rate changes could significantly impact the Solihull housing market in the coming months. While house price growth may be slowing, Solihull remains a desirable location with high demand, particularly for larger family homes.
