April, 2023
According to Rightmove House Price Index, The average price of property coming to the market rises by 0.8% (+2,906) this month to £365,357. This is below the average monthly rise of 1.0% seen in March over the last 20 years, reflecting a higher degree of pricing caution by many new sellers than is usually seen at this time of year. The exception to this caution is a 1.2% monthly price jump in the larger home top-of-the-ladder sector, in contrast to more modest 0.4% and 0.5% respective rises in the first-time buyer and second-stepper sectors. Overall, new seller asking prices are now £5,800 below October 2022’s peak, with annual price growth continuing to ease and now at +3.0%. The data continues to point to a market on a much more stable footing than many anticipated and cautiously transitioning towards the activity levels of the more normal market of 2019.
According to Nationwide House Price Index there has been another decrease of 0.8% and house price down 3.1% year-on-year in March – the largest annual decline since July 2009. The West Midlands was the strongest performing region, while Scotland remained the weakest.
Properties in Solihull had an overall average price of £355,539 over the last year.
The majority of sales in Solihull during the last year were semi-detached properties, selling for an average price of £325,294. Detached properties sold for an average of £644,555, with flats fetching £192,063.
Overall, sold prices in Solihull over the last year were 5% up on the previous year and 14% up on the 2020 peak of £311,472.
Houses in the region are taking 55 days to go under offer, from the 60 days we saw in February. There are still a really good number of buyers out there and more properties to choose from, which is making houses take much longer to go under offer. Buyers are being careful before the put in offers on a property.
The housing market is slowing and property prices are falling from their peak levels, with more significant drops expected this year.
Despite the latest official data from the Land Registry showing a 6.3% year-on-year house price rise in January, figures are falling month-on-month and we are now seeing an annual downturn.
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
