June, 2022
Price of property coming to market hits a fifth consecutive record of £368,614, albeit only up by a modest 0.3% in the month (+£1,113), as the pace of price growth slows.
Conveyancing log-jam means sellers need to come to market in the next few weeks to be in with the best chance of moving before Christmas, with the average time to get through conveyancing currently 150 days.
More than 500,000 homes are currently sold subject to contract, which is 44% higher than 2019.
Click here for more information on the current property market.
Houses is Solihull are taking on average 28 days to sell and the house price in this area has increased by 0.7% which is a huge difference to the house price increase we saw in May 2022.
Properties in Solihull had an overall average price of £370,034 over the last year.
The majority of sales in Solihull during the last year were semi-detached properties, selling for an average price of £318,938. Detached properties sold for an average of £598,969, with terraced properties fetching £256,464.
Overall, sold prices in Solihull over the last year were 4% up on the previous year and 16% up on the 2019 peak of £319,478.
After a very strong first half of the year, it is likely that affordability constraints will have a greater influence on market behaviour in the months ahead, with further interest rate rises anticipated. This, alongside more choice coming onto the market for buyers and the usual seasonal variations we’d expect, means that there are likely to be some month-on-month price falls during the second half of the year.
As of June 2022, the average year-on-year increase for house prices in the UK is 9.7%. Rightmove anticipates the year-on-year increase in 2022 to be 5% by December 2022, which means house prices in the UK could fall by 4.7% in the next 6 months.
As we head into the summer holidays, we will start to see the market slowing down considerably. The peak times of the year to sell a property are usually Spring and Autumn, so if you are thinking about selling, either act fast, or wait until September when the kids go back to school.
Now is a great time to sell whilst house prices are still very high. If you are interested to know what your property is worth, please click here to book a market appraisal.
