Are House Prices Going Up in Solihull?
Estimated reading time 3 minutes
The Solihull property market has been a topic of hot discussion amongst buyers and sellers alike. With its proximity to Birmingham, it has become an increasingly popular destination for those looking to settle down in the West Midlands. However, with property prices increasing, many are left wondering what the future holds for the property market in Solihull. In this article, we’ll take a look at the current property market trends and review what may happen to the property market going forward.
What is the property market like in Solihull?
To get started, we’ll review what the property market currently looks like. Here are some facts and figures:
- Average price of property in Solihull: £381,345
- Average time on the market: 147 days
- Average detached property price: £673,840
- Average semi-detached property price: £361,610
- Average flat property price: £191,680
- Average terraced property price: £324,626
Review of the property market in Solihull
Across the West Midlands, the average house price in June 2024 was £253,000, which was more than a year earlier (£246,000). Currently, Solihull property prices sit well above this, with the average price for semi-detached properties rising by 1.2% in 2024 and overall house prices increasing by 1.4%. This meant that Solihull has the third highest average house price in the West Midlands and house prices have increased more than the average West Midlands property.
Will house prices drop in 2025 in Solihull?
After the election of a new government, the easing of mortgage rates and improved outlook for economic growth, both Zoopla and Savills are predicting a 2.5% rise in house prices across the UK. It is likely that buyers and sellers in Solihull can expect house prices to continue to rise as we head into 2025.
What is the future of the Solihull property market?
Solihull is likely to continue to see an increase in property value over the next few years for a number of reasons.
Investments in the town
Solihull stands to benefit from the introduction of the HS2 line, becoming home to the HS2 Interchange Station. This offers even more connectivity to major cities such as Birmingham, Leeds, Liverpool and Manchester. As a result, more demand for properties is expected, with prices increasing.
Supply and Demand
Solihull currently has a population size of 216,245 residents, and that is expected to grow by 11% or 23,800 people over the next 20 years. With this projected long-term growth, there is a greater demand for property in the area. This demand is unlikely to go away with the introduction of HS2 as many families and young professionals will choose to call Solihull home.
To conclude, the property market in Solihull has definitely increased in value over the last few years, causing house prices to go up. Looking at the long-term future of Solihull, it’s likely that the town will remain an attractive destination for buyers and investors looking for properties with good travel links to Birmingham and the rest of the UK.
Looking to sell?
If you’re looking to sell a house fast in Solihull, consider using our services. As cash house buyers, SellHouseFast.co.uk can provide a cash offer which takes into account the current property market prices. Once you’re happy with the offer, we can complete a sale extremely quickly. This means you can avoid the risk of market fluctuations affecting the value of your property while you wait for buyers on the open market. Get in touch now at SellHouseFast.co.uk.
