February, 2023
According to Rightmove House Price Index, after two months of falls, the average price of property coming to the market for sale rises again by 0.9% this month (+£3,301) to £362,438. Whilst a rise in asking prices is expected in January, this is the highest at this time of year since January 2020. After the market’s uncertain final few months of 2022, this familiar seasonality is a tentative sign of stability, with new sellers feeling confident to test the market.
Statistics however from Nationwide state that there has been a drop in house prices by 0.6% for the 5th month in a row.
This suggests that vendors are testing the market first at the higher end, before making any adjustments.
Properties in Solihull had an overall average price of £297,805 over the last year.
The majority of sales in Solihull during the last year were semi-detached properties, selling for an average price of £293,499. Terraced properties sold for an average of £210,391, with detached properties fetching £619,535.
Overall, sold prices in Solihull over the last year were 3% down on the previous year and 6% up on the 2020 peak of £279,709.
Houses in the region are taking much longer to go under offer, from the 42 days we saw in December to 48 days in January. This is just evidence that the market is slowing down and properties need to be priced more competitively.
As we quickly head towards spring, we are coming up to the busiest period for property, with March being the most popular month to sell. There have been a large number of enquiries from vendors and buyers alike in January, which is a significant increase from January 2022. This is a really positive start for the property industry after a very turbulent year last year.
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
