March, 2023
According to Rightmove House Price Index, The average price of property coming to the market rises by just £14 this month (+0.0%) to £362,452. This is the smallest increase from January to February on record, though prices remaining flat rather than falling as some expected could be seen as a positive indicator for the year ahead. However, reflecting the slower market conditions new sellers have broken with tradition and held prices static for the first time ever at this time of year rather than increase them. Transitions from a fast to a slower-paced market have historically had many different paths, and whilst it’s early days the combination of sellers being more realistic on price and an improving picture on the number of sales being agreed suggests a softer landing for the market than many expected.
According to Nationwide House Price Index there has been another decrease of 0.5% with prices 3.7% lower than the August 2022 peak
The property market in Solihull for February
Properties in Solihull had an overall average price of £301,197 over the last year.
The majority of sales in Solihull during the last year were semi-detached properties, selling for an average price of £300,177. Terraced properties sold for an average of £210,525, with detached properties fetching £614,252.
Overall, sold prices in Solihull over the last year were 2% down on the previous year and 8% up on the 2020 peak of £279,732.
How fast are homes selling?
Houses in the region are taking 60 days to go under offer, from the 48 days we saw in January. This is clear to see there is less panic buying than we saw last year with buyers taking more time to decide on a property. There are still a good number of buyers out there, they are just being more careful on which properties they put offers in on.
What can we expect to see from the property market in March?
Believe it or not, we are almost in spring, despite the recent heavy snowfall. March is the most popular month to sell as the weather is usually warmer, the gardens start to come to life, and people feel more motivated to get out and view new homes.
Are you thinking of selling?
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
