December, 2023
According to Rightmove House Price Index, New seller asking prices drop by 1.7% (-£6,088) this month to £362,143. Asking prices usually drop at this time of year, as serious sellers price more competitively to attract distracted buyers in the lead-up to Christmas. However, this year’s November drop is the largest in five years, indicating that new sellers are also increasingly adopting more realistic price expectations from the outset of marketing to tempt potential buyers to act. As we approach the end of 2023, key indicators point to a market that while challenging, has been more positive than many predicted.
According to Nationwide House Price Index, UK house prices rose by 0.2% month on month in November, prices down 2% compared with a year ago. Annual growth remains weak but strongest since Feb 2023.
Properties in Solihull had an overall average price of £366,744 over the last year.
The majority of sales in Solihull during the last year were semi-detached properties, selling for an average price of £336,697. Terraced properties sold for an average of £271,488, with detached properties fetching £687,631.
Overall, sold prices in Solihull over the last year were 4% up on the previous year and 17% up on the 2020 peak of £313,983.
Houses in the region are taking on average 59 days to go under offer, from the 59 days we saw in October.
After another announcement from the Monetary Committee fixing the base rate at 5.25% and lenders bringing down their fixed rates, there are some really positive signs for 2024. As we head towards Christmas, peoples’ thoughts turn towards Christmas so the market is often quieter than normal, with a lot of people holding off until 2024 to buy or sell their home.
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
