December, 2022
The average price of newly-marketed homes dips by 1.1% this month (-£4,159) to £366,999. As is usual in November, sellers are pricing more competitively to try to find a buyer in the last months of the year. This monthly price drop is exactly in line with the average 1.1% that Rightmove recorded in November during the pre-pandemic years of 2015 to 2019, and so should not be regarded in isolation as a negative indicator. However, there are signs that more existing sellers, whose properties were already on the market and unsold, are willing to take their agents’ recommendations and reduce their prices in order to achieve a quicker sale. The proportion of unsold properties seeing a price reduction has increased only slightly from the pre-pandemic 7.5% in October 2019 to 8% this October. However, it has doubled from the figure of 4% in the frenzied market of October 2021. Buyer demand is still performing better than it was during the more normal market of 2019, but it is clear that we have returned to a much more price-sensitive housing market after two years of a buying frenzy.
Properties in Solihull had an overall average price of £293,767 over the last year.
The majority of sales in Solihull during the last year were semi-detached properties, selling for an average price of £285,769. Terraced properties sold for an average of £209,233, with detached properties fetching £588,800.
Overall, sold prices in Solihull over the last year were 4% down on the previous year and 13% up on the 2019 peak of £260,192.
The sales market continues to slow down in Solihull where homes are going under offer within 36 days compared to the 34 days we saw last month. This is another key indicator that the property market is slowing down.
In December people puts all their energy into Christmas, so the property market tends to slow down significantly. If you are looking to get a sale in before Christmas, it is best to price your property as competitively as possible. However, once the hype is over, people start looking for their next new adventure. Boxing Day onwards is when we see the markets start to pick up again, which a spike in activity on Boxing Day itself. If you were thinking of selling your home, check out our blog on why Boxing Day is a great time to list your property
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
