May, 2023
According to Rightmove House Price Index, New seller asking prices rise by just 0.2% (+£890) this month to £366,247, which is notably lower than the average increase of 1.2% for this time of year. This unseasonal pricing restraint is a sign that many new sellers are taking note of the economic headwinds and the transitioning of the housing market to a slower pace and more normal activity levels, last seen in the pre-pandemic market of 2019. Whilst it’s been a rollercoaster journey so far, and there will no doubt be more twists and turns to come, the number of sales agreed is now on a par with the same period in 2019. Agreed sales volumes are now just 1% behind March 2019 with the strength of the improvement since the start of the year defying the expectations of many. According to Nationwide House Price Index April saw a 0.5% rise in house prices after seven consecutive falls. Annual rate of house price growth improves to -2.7% from -3.1% in March.
Properties in Solihull had an overall average price of £358,781 over the last year.
The majority of sales in Solihull during the last year were semi-detached properties, selling for an average price of £322,141. Detached properties sold for an average of £654,864, with flats fetching £184,536.
Overall, sold prices in Solihull over the last year were 5% up on the previous year and 14% up on the 2020 peak of £314,979.
Houses in the region are taking 53 days to go under offer, from the 55 days we saw in March. This shows that as the weather is picking up, there are more buyers coming to market and the time to sell a home is returning to more normal levels pre COVID.
As the weather improves and more buyers and sellers come to market, we can expect to see more choice for buyers, however more competition for sellers. We may see some slight increases of house prices over the next few months as is notorious for this time of year, however a much slower increase than we would normally see in previous years.
If you are interested to know what your property is worth, please click here to book a market appraisal. Alternatively, call the office on 0121 430 4448 or email enquiries@hshomesofsolihull.co.uk
