After a run of consistent small gains, UK house prices may be starting to dip. Over the course of the next few months, on a chart, it may look more like a plateau. Still, on the monthly index, house prices dipped slightly in April 2024. It’s shows a dip by 0.4 per cent on March 2024. This was a 0.2 per cent month-on-month drop.
Longer-term interest rate rises and affordability pressures not easing are cited as the causes for the decline. Still, the average house price held at nearly £262,000. It’s over £11,000 less than in August 2022, but is an increase on the post-mini-budget market turmoil prices.
Things are holding fairly steady overall right now, even in these conditions. The report has a focus on the UK housing market as a whole. Naturally, each region’s housing market behaves differently. Some places have become more desirable than others in recent years. So, this will be a look at how the market is faring in the West Midlands and Malvern.
Average house prices in the local area
As it turns out Malvern’s housing market isn’t just doing well on a national level, but also on a regional level. As we’ll see, West Midlands is doing better than most regions. What this translates to in hard numbers is an overall average price of around £281,000 over the last 12 months.
While this figure marks a few percentage points up on 2021, it is a couple down on 2023 figures. It’s essentially one per cent up on the top prices in 2021. Zoom into Worcestershire and the average rises to £323,000 over the last year. It showcased what is essentially a hold on prices but still a good four per cent up on 2021.
Another upward mouse scroll to see the Malvern picture paints an even prettier one. The average price of Malvern houses sold hit £355,000 over the last 12 months. It’s a hefty 11 per cent jump on the 2021 high of £320,000. It’s also a showing of seven per cent growth on the 12 months prior. Malvern’s housing market is particularly healthy.
The going’s good for housing right now
Given the headlines, Malvern’s housing market health is encouraging. As a result, in this prime spring-summer selling window, some will be looking to capitalise. Anyone who is considering selling will want to consult the moving house checklist and really think about why they want to move. This is particularly because you don’t want any unnecessary hassle.
Moving house is a lot of work and can be stressful. Still, house prices going strong in the local area is an anomaly in a wider look of the UK housing market. The March 2024 index did show an annual overall change of up 0.5 per cent in the West Midlands. It’s one of the few regions that saw a year-on-year rise in prices.
Local markets will always be able to buck national trends. Yet, West Midlands features in reports that cite three prime regions analysed as likely to see reductions this year. The region is expected to witness a 7.8 per cent reduction. London’s tipped to sink by 6.3 per cent.
Malvern has outshone the regional and national housing market, but the gains may not keep coming for long.
