July, 2023
According to Rightmove House Price Index, Average new seller asking prices fall by £82 (-0.0%) this month to £372,812. This is the first monthly drop in new asking prices this year, and the first at this time of year since 2017. On average over the previous ten years we have seen an increase of 0.6% in asking prices at this time of year, indicating that buyer affordability constraints and more pricing realism from new sellers have brought forward the usual summer slowdown. There have been some significant increases in fixed mortgage interest rates over the last few weeks following stubbornly high inflation figures, piling pressure onto already very stretched budgets. These increases in rates and monthly mortgage payments may mean that some have to pause their plans for now. However, Rightmove’s latest snapshot of the market suggests the immediate impact on activity has been limited with most movers determined to carry on if they can still afford it. According to Nationwide House Price Index, House prices remain broadly flat over the month, but down 3.5% compared with June 2022.
Properties in Solihull had an overall average price of £380,466 over the last year.
The majority of sales in Solihull during the last year were semi-detached properties, selling for an average price of £353,362. Detached properties sold for an average of £701,622, with terraced properties fetching £282,445.
Overall, sold prices in Solihull over the last year were 11% up on the previous year and 21% up on the 2020 peak of £313,517.
Houses in the region are taking 53 days to go under offer, from the 52 days we saw in May. This is looking like a standard average now for the current marketplace.
As we enter uncertain times with the latest news of interest rates increasing for the 11th consecutive time, this is likely to have a negative impact on the property market with further reductions being made if vendors are serious about selling. Heading into July and things usually quieten down as people turn their thoughts to the summer holidays. Usually in September things start to pick up again, however it might be a slower increase than normal given the current uncertainties.
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
