What’s Happening to House Prices in the UK? 

The UK housing market has experienced a slight uptick in 2024, although high mortgage rates have tempered hopes for a significant boost. The Land Registry’s UK House Price Index, based on actual property sales, shows that the average UK property price (£293,000 in August) has risen by 2.8% annually. 

First-time buyers in the UK can expect to pay an average of £246,576 for a property, while home movers already on the property ladder typically pay around £338,048, a difference of £91,472.

The Average Price of Property in Hamstead, Birmingham

According to Rightmove, properties in Hamstead had an overall average price of £226,629 over the last year. The majority of property sales in Hamstead during this period were semi-detached properties, selling for an average price of £225,250. Terraced properties sold for an average of £220,934, while detached homes fetched £298,333. 

Overall, sold prices in Hamstead over the last year were 1% down on the previous year and 17% up on the 2021 peak of £194,251, indicating a positive trend in the local property market.

What is the UK Property Market Like? 

The UK property market experienced a marked drop in housing transactions last year, but there are signs of recovery. HMRC data shows that 90,210 transactions were completed in August 2024, a 5% increase compared to August 2023.

While demand from buyers fell last year due to high mortgage rates, the slower market may present an opportunity for those looking to buy a house in Hamstead, Birmingham, as they may be able to negotiate more favorable purchase prices.

What Will Happen to UK House Prices?

At the start of the year, many lenders and estate agents predicted that prices would remain flat. However, more recent forecasts for UK house prices in 2024 are more optimistic, thanks to easing mortgage rates and slight improvements in economic growth.

Last November, Savills predicted a 3% drop in 2024, but has upgraded its forecast to a 2.5% rise.

Should I Move to Hamstead, Birmingham? 

Birmingham is a diverse and vibrant city, offering a mix of residential and commercial properties, excellent transport links, and a rich cultural heritage. With its proximity to the city centre and a range of local amenities, Hamstead in Birmingham is an attractive option for families, professionals, and students alike.

Plus, moving to Hamstead has never been easier with our secure SureStore self-storage facility in Birmingham. We offer innovative home storage solutions and a range of storage unit sizes at SureStore Hamstead, perfect for safely storing furniture and household items during your move.

Our self-storage units come in various sizes and are suitable for customers looking for affordable home storage near Hamstead, Handsworth, West Bromwich, Walsall and Birmingham. 

Our friendly and knowledgeable self-storage experts are always on hand to provide assistance and help you choose the right-sized home storage unit for your house move. Find SureStore Birmingham at Prime Park Birmingham North, Old Walsall Road, Hamstead, B42 1DT.