January, 2024
According to Rightmove House Price Index, average new seller asking prices fall by 1.9% (-£6,966) this month to £355,177. Sellers who come to market in December often have a pressing reason to sell and need to find a buyer quickly, and therefore price more attractively to capture the attention of festivity-distracted buyers. However, this is a slightly bigger December drop in newly marketed property prices than usual, with the December average over the last 20 years being -1.5%. This fall is partly driven by more new sellers looking to price below the competition now that the pendulum has swung towards a buyers’ market. This month’s drop means that we end the year with national average asking prices 1.1% below this time last year. Higher mortgage rates have been a key challenge for movers this year, and affordability remains stretched. However, with improved market stability as we head into 2024, there are signs of greater activity from family movers who had put their plans on hold during the fallout from the mini-Budget. According to Nationwide House Price Index, House prices down 1.8% compared with a year ago. Northern Ireland and Scotland the only parts of the UK to see prices rise in 2023. East Anglia the weakest performing region with prices down 5.2% over the year
Properties in Solihull had an overall average price of £364,471 over the last year.
The majority of sales in Solihull during the last year were semi-detached properties, selling for an average price of £334,297. Terraced properties sold for an average of £268,618, with flats fetching £198,711.
Overall, sold prices in Solihull over the last year were 3% up on the previous year and 6% up on the 2021 peak of £345,010.
Houses in the region are taking on average 65 days to go under offer, from the 62 days we saw in November.
With the Bank of England fixing their rate for the 3rd meeting in a row, and Christmas and New Year out of the way, there is a lot of activity as new buyers and sellers come to the market. January is a busy time for house sales historically, and it is predicted this January will be even busier. House movers who would have typically moved last year, along with the normal January movers, come to market in 2024.
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
