2024 Housing Market Review: Harborne and Edgbaston

With 2024 drawing to a close, we’ve compiled the very latest market stats to showcase local market averages within the property market and alongside this compare how McHugo Homes delivered for our clients.

Market Averages: Understanding the statistics
The numbers reveal a challenging but active year for the property market. Below are the key performance metrics across Harborne and Edgbaston and how Estate Agents will perform on average:

• Listed to Sold Subject to Contract (SSTC): 52.49% (success average of properties)
• Listed to Exchange Rate: 45.78%
• Fall-Through Rate: 29.43%
• Price Reduction: 46.43% (of properties reduced in price)
• Days to Find a Buyer (from listing): 86
• Days from SSTC to Completion: 132
• Total Days to Move (from listing to completion): 218
• Average percentage of Asking Price Achieved: 96.13%

These figures provide a snapshot of the average agent's performance and underline the complexities many homeowners face. From long waiting times to frequent price reductions and fall-throughs, sellers often find themselves navigating a tough market.

How McHugo Homes Excelled in 2024
At McHugo Homes, our goal is to redefine what homeowners expect from their estate agent. Here’s how our performance compared to the market averages:

• Sales Subject to Contract (SSTC): We achieved an impressive 62.86%, outperforming the average by over 10%.
• Exchange Rate: Our exchange rate stands at 61.54%, far surpassing the average of 45.78%.
• Fall-Through Rate: At just 9.09%, our fall-through rate (failed sales that haven’t gone on to completion) is remarkably lower than the industry average of 29.43%. Sellers who choose McHugo Homes are 3.24 times less likely to see their sale collapse.
• Price Reduction Rate: Only 25.71% of our properties required a price reduction, compared to the market average of 46.43%. This demonstrates our ability to price properties correctly from the start.
• Days to Find a Buyer: On average, we find buyers in just 62 days, 24 days faster than the market average of 86 days.
• Days from SSTC to Completion: Our average is 90 days, shaving a significant 42 days off the market’s 132-day (18.8 weeks/4.34 months) average.
• Total Days to Move: We reduced the total moving timeline to 152 days, a remarkable 66 days (two months) quicker on average than the market standard of 218 days.
• Percentage of Asking Price Achieved: McHugo Homes sellers secured 98.12% of their asking price!

What These Numbers Mean for You
When choosing an estate agent, these statistics aren’t just numbers—they’re an indicator of what your experience as a seller will look like. Here are the standout points:

• You’re 34.43% more likely to sell your property with McHugo Homes.
• Reduced Risk: The average agent’s fall-through rate is 3.24 times higher than ours, meaning our sellers enjoy far more reliable transactions.
• Stronger Pricing: With the average agent being 80.59% more likely to reduce asking prices, McHugo Homes’ expertise ensures your property is marketed effectively from the outset.
• Faster Sales: Our ability to find buyers 24 days quicker means you can move forward with your plans sooner.
• Streamlined Process: Our SSTC to completion timeline is 28 days faster, and our sellers move in 66 fewer days overall.
• Better Returns: By achieving 98.12% of asking prices, our clients net higher proceeds from their sales.

The 2024 property market may have been challenging, but the results speak for themselves: McHugo Homes has delivered faster, more reliable, and more profitable sales for our clients. From a significantly lower fall-through rate to achieving nearly 2% more of the asking price than average, our results show the value of expertise and dedication.

If you’re considering a move in 2025, now is the time to understand prevailing market conditions plus choose an agent that consistently outperforms the competition. Contact us at movinghome@mchugohomes.co.uk or visit https://mchugohomes.co.uk/value-my-property to arrange for your up-to-date no-obligation market appraisal.
Let’s make 2025 your best year yet.