The latest Rightmove House Price Index shows that average asking prices fell by 0.6% in June, marking the largest June price drop in 14 years. While that may sound concerning, it’s more a reflection of increased competition between sellers than a weakening market.
There are currently more homes available for buyers to choose from, meaning sellers need to be more competitive with their pricing. The good news is that mortgage affordability has improved slightly, with the average two-year fixed mortgage rate falling to 5.07%, helping to boost buyer confidence.
Here in Solihull and across the Midlands, we’re continuing to see a healthy level of buyer activity.
Well-presented family homes that are priced realistically are attracting strong interest, particularly in popular school catchment areas. Buyers are taking a little longer to make decisions because they have more choice, but good properties are still selling well.
The biggest challenge continues to be overpricing. Homes launched above market value are often receiving fewer enquiries and remaining on the market much longer than those priced competitively from the outset.
Although every property is different, we’re generally seeing correctly priced homes agree a sale within four to eight weeks.
The first few weeks on the market remain the most important. This is when your property receives the greatest level of exposure, so launching with the right asking price and high-quality marketing is essential to achieving the best possible result.
The market is expected to remain steady throughout the summer.
Buyers have more choice than they have had for several years, but demand remains strong for homes that offer good value and are presented well. Sellers who are realistic on price and invest in professional marketing are continuing to achieve successful sales.
If you’re considering moving this year and would like an honest opinion on what your home could be worth in today’s market, we’d be delighted to help.
Whether you’re planning to sell this summer or simply want to understand the current value of your home, our team is here to offer honest advice with no obligation.
Call us on 0121 430 4448 or email enquiries@hshomes.uk to arrange your free property valuation.
