The New Year Bounce Back in Harborne and Edgbaston

The latest land registry data is now available highlighting what happened in the Harborne and Edgbaston markets in January versus recent years, to give you the most up to date view of the local market.

The latest land registry data for 2023 shows house prices across the area were down 0.29% by the end of the year. 

However, as a guide please note completions in December 2023 would have been highlighting sales that were agreed back in the summer. The number of new properties entering the market in January for Harborne and Edgbaston, this is a staggering increase of 30.86% on the previous January.

These numbers highlight that confidence has returned to the market compared to a year ago and this positive sentiment has meant that home owners looking to move in Edgbaston and Harborne appear to have the view that the worst of the market adjustments are behind us and are instigating their moving plans.

This is also supported by the fact that not only has supply increased from sellers, but also the demand from buyers is on the rise with sales in Edgbaston and Harborne up 51.16% in January 2024 versus January 2023.

The increase in confidence and sentiment has improved the supply and demand, which can be demonstrated by the below from Zoopla. 

We now know that buyers and sellers have been returning to the market, but what about the prices that properties are selling for in Harborne and Edgbaston I hear you ask.

There were 65 sales agreed in Edgbaston and Harborne in January 2024, and based on the average asking price of these properties, this was at an average of £310 per sq ft which is 3.13% lower than the same period last year.

Therefore, Harborne and Edgbaston house prices are still going through a phase of adjustment.

This can be evidenced by the fact that 40.44% of sellers have reduced their asking price already this year after being too optimistic when listing the property initially, even though making a motivated move to re-align their pricing strategy. 

Those sellers being too optimistic with their initial asking price are not as attractive to buyers, as feedback from perspective buyers highlight that affordability has still been stretched massively due to the rise of interest rates post mini budget of October 2022.

Whilst demand has improved, it is not where it was at the peak of the market in mid to late 2022 and buyers have more choice now as well with there being 10.28% more properties for sale in Edgbaston and Harborne versus the six-year average.

In conclusion, sellers now have more competition and there are fewer buyers with a lower budget.

Therefore, if you’re considering selling your property in 2024, you must price competitively and market your property with the correct strategy to give yourself the best chance of getting sold, and getting sold for the very best price.

It is also worth noting that research from Rightmove highlights that listing your home in February, March, or April historically gives you the best chance of finding a buyer. 

The stability of the market right now is suggesting to those that held off moving home in 2023 that there is no time like the present to get moving. 

If you would like to discuss marketing your property this Spring, please do get in contact with McHugo Homes today or you can click here if you are looking for a quick instant estimated valuation to get you started.

Andy McHugo

07751 675267 and andy@mchugohomes.co.uk