October, 2022
The average price of property coming to market rises by 0.9% (+£3,398) this month to a new record of £371,158, as shortages of property for sale continue to underpin prices. A new asking price record may seem surprising given the market uncertainty that followed the government’s mini-budget in late September, but it will take time for any impact to filter through to house prices. There is also little sign of downwards price pressure on existing properties for sale, with the number of reductions up 2% on last month to 23% of all properties reduced, which is still much lower than the pre-pandemic five-year average of 32%. It is very likely that asking prices will drop in November and December as they normally do, and it will be important to distinguish these seasonal price changes from market changes caused by other factors. Though we understand that price forecasts are at the front of mind for many, there are more economic events to play out any predictions can be made for 2023.
Property prices in Solihull climbed 7.9% over the past year, adding £23,000 to the typical home, according to our September 2022 House Price Index.
The area is keeping pace with the UK average where prices have risen by 8.1% since September 2021.
The typical Solihull home is now worth £314,600, above the UK average house price of £259,100.
Over the past month, prices in Solihull have grown slightly. And looking back over the last five years, the average property value has grown by 6%.
The sales market continues to slow down in Solihull where homes are going under offer within 34 days compared to the 33 days we saw last month. This is another key indicator that the property market is slowing down
As we start heading into Winter and the “C” word comes out, the property market inevitably starts to slow down. People start thinking about Christmas and New Year and try to leave the stress of buying or selling to one side until the festive season is over. Over the next 2 months we are likely to see a reduction in new properties coming to market and less buyers looking to buy.
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
