November, 2023
According to Rightmove House Price Index, new seller asking prices rise by 0.5% (+£1,950) this month to £368,231. Although newly advertised property prices typically rise at this time of year, this is the smallest increase in our October report since 2008, and significantly below the average increase of 1.4% seen at this time over the last 20 years. However, despite this more muted rise in average asking prices, buyer activity levels remain significantly lower than during the post-pandemic market frenzy. The number of sales being agreed is now 17% below this time last year, with the proportion of homes finding a buyer and being marked Sold Subject To Contract dropping from an average of eight in ten at the height of the frenzy, to six in ten now. Buyers are still active for the right property at the right price, but agents advise that sellers need to capture a buyer’s attention with a competitive price from the first day of marketing. Rightmove analysis showing that starting too high and reducing later seriously damages the chances of a sale, though many sellers appear to be struggling to adjust their pricing tactics to help them to sell in this more challenging market. According to Nationwide House Price Index, UK house prices rose by 0.9% month on month in October, however house prices down 3.3% on October last year
Properties in Solihull had an overall average price of £366,223 over the last year.
The majority of sales in Solihull during the last year were semi-detached properties, selling for an average price of £341,320. Terraced properties sold for an average of £269,002, with detached properties fetching £681,498.
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 59 days to go under offer, from the 56 days we saw in September.
Another announcement on the 2nd November brings more hope for the property market. Bank of England will fix it rates at 5.25%. This is still high, but it shows things are starting to calm down. It is predicted that rates will start to fall, which will mean more new properties and buyers coming to market. With Christmas around the corner and a lot of people still feeling unsettled, it is unlikely the markets will pick up again until January 2024.
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
