June, 2023
According to Rightmove House Price Index, Average new seller asking prices jump by 1.8% (+£6,647) this month, compared with the historical average May rise of 1.0%. This is a new record high of £372,894 as sellers respond with increased pricing confidence to a market that is defying start-of-the-year expectations. Earlier in the spring season we were seeing some caution on asking prices from new sellers despite positive signs for activity levels, as home-movers continued to navigate the fallout from the mini-Budget. Now, with buyer demand 3% higher than in 2019 and sales agreed just 3% behind 2019’s levels, this positive activity has belatedly filtered through to new sellers’ asking prices. However the current multi-speed, hyper-local market is still price-sensitive, and buyer affordability is still stretched. Whilst increased seller pricing confidence in the first-time-buyer and second-stepper homes sectors has more justification, there are some signs of over-optimism in the top-of-the-ladder sector. According to Nationwide House Price Index May saw a 0.1% fall in house prices and an annual rate of house price growth slipped back to -3.4%, from -2.7% in April.
Properties in Solihull had an overall average price of £377,373 over the last year.
The majority of sales in Solihull during the last year were semi-detached properties, selling for an average price of £352,282. Terraced properties sold for an average of £282,582, with detached properties fetching £696,333.
Overall, sold prices in Solihull over the last year were 11% up on the previous year and 20% up on the 2020 peak of £313,517.
Houses in the region are taking 52 days to go under offer, from the 53 days we saw in April. This shows that properties are starting to sell a bit quicker with the improved weather conditions and more buyers motivated to move.
As the weather continues to improve, more buyers and sellers are coming to market, the markets are still strong. Despite the interest rates and cost of living crisis this doesn’t appear to put buyers and sellers off. Houses are still selling well but only if they are priced right, over [ricing your home could mean your home will sit on the market for too long with little interest and no offers.
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
