Market Update October 2024

In Sheldon and the surrounding area, the housing market remains strong as long as your asking price is RIGHT.  We continue to see other agents listing properties above market value which leads to a price reduction after a number of weeks and thus the initial impact of marketing a property is lost.

Our average sale time remains at 8 weeks and our average sale price achieved currently stands at 98.7%. 

We continue to lead the local market with the highest volume of properties listed and we are proud to say that most of our business comes through recommendation – not mass marketing or gimmicky offers.

From the ONS, the average house price in Birmingham was £233,000 in July 2024 (provisional), similar to the revised figure for July 2023. Across the West Midlands, the average house price rose by 2.2% over the same period.

The average price paid by first-time buyers was £205,000 in July 2024 (provisional). This was in line with the average in July 2023 (revised).

For homes bought with a mortgage, the average house price was £240,000 in July 2024 (provisional). This was similar to the average in July 2023 (revised).

The lettings market remains strong – figures from the ONS quote that “Private rents rose to an average of £1,013 in August 2024, an annual increase of 11.4% from £910 in August 2023. This was higher than the rise in the West Midlands (9.2%) over the year.”

Melvyn Danes continue to build our business on honesty, trust and integrity.  We are proud of what we do and are here to get you there.