Property Market Trends in Harborne and Edgbaston: Summer 2024

As we navigate through the summer of 2024, homeowners in Harborne and Edgbaston are paying close attention to the property market's shifts. With the market constantly evolving, understanding these changes is crucial for anyone considering selling their home. Recent statistics offer insightful details about the month-to-month and year-on-year performance of these markets, highlighting both stability and promising growth.

Harborne: Stability with Positive Indicators

Harborne (B17) has long been a desirable area for buyers, and the latest data suggests that this trend is continuing, albeit with some fluctuations. The average price per square foot in Harborne saw a modest 0.5% decrease from June to July 2024, moving from £401 to £399. This slight dip is a normal part of market activity and indicates that the area remains attractive to potential buyers who are willing to pay a premium for the right property.

More significantly, when comparing July 2024 to July 2023, Harborne has seen a 7.26% increase in the price per square foot for new listings. This growth points to rising demand and the enduring appeal of the area. Despite a 16.4% drop in sale agreed prices year-on-year, the overall market remains competitive, with fewer price reductions and a substantial 60% decrease in the number of sales that have fallen through.

One of the key takeaways for sellers in Harborne is the market's resilience. Even though there has been a decline in the number of upper quartile properties listed for sale, the quality and value of properties on the market remain strong. This suggests that while the number of transactions may have decreased, the properties that are selling are still commanding respectable prices.

Edgbaston: A Strong Market for Houses

Edgbaston (B15), known for its robust housing market, continues to demonstrate positive momentum, especially when viewed through a year-on-year lens. However, the market did experience some fluctuations in July 2024, particularly in the value of new listings, which dropped by 44.31% compared to June. This decline can be attributed to seasonal factors such as the summer holiday period and ongoing election campaigns, which often cause a temporary lull in market activity.

Despite this, the price per square foot for sale agreed properties in Edgbaston saw an impressive increase of 17.62%, rising from £420 to £494. This significant growth indicates that buyers are still willing to invest in Edgbaston’s housing market, viewing it as a valuable long-term investment.

Year-on-year comparisons also paint an optimistic picture for Edgbaston. Although the price per square foot for new listings decreased slightly, the overall value of sale agreed properties has remained stable, with only a minor 0.24% decline. Of particular interest is the 23.19% increase in the price per square foot for sales, reflecting strong buyer confidence in Edgbaston's market and suggesting that now might be an excellent time for sellers to enter the market.

Is Now the Right Time to Sell?

Given the positive trends in both Harborne and Edgbaston, the current market conditions appear favourable for sellers. The stable month-on-month performance and the encouraging year-on-year growth suggest that sellers can potentially achieve strong prices for their properties. While short-term factors such as the summer holidays and election campaigns may introduce some market fluctuations, these should not dissuade potential sellers from capitalising on the current market dynamics.

Moreover, with the Bank of England's recent decision to lower the base rate, and the prospect of more competitive mortgage rates for buyers, now could be an ideal time to consult with a local estate agent. By understanding both the broader market trends and the specific dynamics of your neighbourhood, you can position your property for a successful sale.

If you’re considering selling your property, don’t hesitate to reach out for a no-obligation market appraisal. Director Andy McHugo is here to provide expert guidance and help you navigate the current market conditions. Contact Andy at andy@mchugohomes.co.uk or visit https://mchugohomes.co.uk/value-my-property to find out the value of your property.