September, 2022
The average price of property coming to market drops by 1.3% this month (-£4,795) to £365,173. This is the first price fall of the year, though traditionally prices do fall in August, and this drop is on a par with the average of 1.3% over the last ten years.
As the school holidays arrive, distracted home-movers, especially those in higher-priced homes, appear to be putting their plans on hold until the autumn moving season. Some of the more urgent sellers who are coming to market are pricing more competitively in order to capture the attention of a suitable buyer quickly and attempt to beat the average time of 136 days to complete a sale and move before Christmas.
Properties in Solihull had an overall average price of £358,082 over the last year.
The majority of sales in Solihull during the last year were semi-detached properties, selling for an average price of £316,873. Detached properties sold for an average of £619,671, with flats fetching £193,364.
Overall, sold prices in Solihull over the last year were 2% down on the previous year and 12% up on the 2019 peak of £319,411.
The sales market is slowing down in Solihull and homes are going under offer within 31 days as opposed to the 20 days in previous months and 37 days in a typical “pre covid” world. This is a sign that the supply and demand is levelling up.
Coming out of the summer holiday season, we will not start to see an increase in activity again as buyers and sellers are coming back from their summer holidays, adjusting to reality again and wanting to take buying and selling a bit more seriously.
As we head into Autumn, activity in the housing market will start to pick up again.
Demand is still likely to return to more normal levels in the second half of the year due to the rising cost of living and affordability concerns, however not the same level of demand we have seen in recent months previous to the summer holidays.
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
