How is the local housing market?

As we enter the Christmas period, the property market continues to reveal insightful trends, reflecting broader economic conditions and local demand dynamics. This blog delves into the key statistics for the Harborne and Edgbaston areas, comparing monthly, yearly, and historical averages. Whether you're a homeowner considering selling or simply keeping an eye on the market, these trends offer valuable insights.

Monthly Trends: November 2024 vs. October 2024
Harborne (B17) All Properties

• Asking Prices:
  The average asking price for properties in Harborne increased by 26.5%, reaching £472,857 compared to £373,705 the previous month.

• Sales Agreed:
  A rise in agreed sales was observed, up 12.9% from 31 in October to 35 in November.

• New Listings:
  New listings dropped significantly by 47.2%, falling from 53 in October to 28 in November in line with typical seasonal trends.

Edgbaston (B15) Houses Sales Only

• Asking Prices:
  The average asking price for Edgbaston houses decreased from £913,438 in October to £640,714 in November.

• Sales Agreed:
  Sales agreed in November fell by 36.4%, with only 7 transactions compared to 11 in October.

• New Listings:
  There was a 12.5% decrease in new listings, from 16 in October to 14 in November.

Annual Trends: November 2024 vs. November 2023
Harborne (B17) All Properties

• Asking Prices:
  A substantial increase of 33.5%, rising from £354,220 in November 2023 to £472,857 in November 2024.

• Sales Agreed:
  Sales figures dropped by 16.7%, with 35 sales this November compared to 42 last year.

• New Listings:
  A decline of 26.3%, with only 28 new listings compared to 38 in the same period last year.

Edgbaston (B15) Houses

• Asking Prices:
  Asking prices saw a 6.7% decrease, from £686,875 in November 2023 to £640,714 in November 2024.

• Sales Agreed:
  Sales increased significantly, with 7 sales this November compared to just 2 in November 2023.

• New Listings:
  Listings grew by 75%, with 14 new properties added compared to 8 last year.

Key Observations

1. Price Movements and Demand:

   • Harborne properties experienced a strong price increase, with asking prices reflecting renewed buyer interest despite fewer new listings.
   • Edgbaston saw a decline in average asking prices but a notable surge in sales, signaling demand for competitively priced properties.

2. Market Activity:

   • Sales activity remains robust, with mortgage approvals up 42.59% compared to the same time last year and 4.12% higher than the previous month.
   • This marks the fifth consecutive month of growth in approvals and the highest level since August 2022.

3. Withdrawals and Reductions:

   • Harborne: Withdrawals dropped to 19 this November from 41 last year, indicating fewer sellers pulling from the market and keeping the faith in the post-budget era.
   • Edgbaston: Withdrawals and fall-throughs were minimal, maintaining consistent levels year-on-year, reinforcing buyer and seller confidence.

Market Outlook
The overall transaction volume is up 21% compared to last year and 10% higher than in October, signaling renewed vitality in the housing market. With the highest transaction figures since August 2022, the market shows resilience and steady recovery.

Looking to Sell?
If you're interested in understanding the current market sentiment in advance of an early 2025 move, McHugo Homes offers a FREE, no-obligation market appraisal.

Discover a sales appraisal of your home today by visiting mchugohomes.co.uk/value-my-property. For inquiries, contact us at movinghome@mchugohomes.co.uk.