Edgbaston: Property market update

Edgbaston: Property Market Update

As we delve into the details of the local property market, we focus on the averages for data based on houses in Edgbaston. In April 2024, the average asking price for new listings stood at £854,000, with an average price per square foot of £432. This shows a noticeable increase compared to March 2024, where the average asking price was £1,029,357 and £486 per square foot.

For sales agreed upon in April 2024, the average asking price was £1,000,000, with an average price per square foot of £501. This is a significant rise from March 2024, where the average asking price was £807,571 and £490 per square foot.

Price per square foot is considered a valuable barometer of property value for several reasons. It provides a standardized way to compare properties of different sizes and in different locations. Price per square foot reflects local market conditions and trends, with higher prices often seen in areas of high demand and limited supply, such as city centers.

Additionally, price per square foot factors in property size, amenities, and condition, making it a useful metric for investors assessing potential return on investment.

Looking at the broader market trends, we are now a third of the way through the year, and Spring has arrived (kind of) with the property market showing signs of heating up, even if the weather isn’t quite yet! The number of properties for sale, new listings entering the market, and sales being agreed were all on the up in April compared to previous years, indicating a return of confidence to the market.

It's also worth noting that the last 50 completed sales of all types of properties in Edgbaston, up until the end of April, have averaged £416,016 and £317 per square foot. Additionally, an average of 94.26% of the original asking price was achieved for the last 20 completed sales of all properties, with 10% of these achieving the asking price or above.

In conclusion, the property market in Edgbaston and the broader UK appears to be stable, with both buyers and sellers making decisions based on competitive pricing and market conditions.

What does this mean for you and the current value of your home? take a preview at Instant property appraisal link