October, 2022
The average price of property coming to market rises by 0.7% (+£2,587) this month to £367,760. This is in line with the average September rise of 0.6% over the last ten years.
Price growth this month is driven predominantly by the middle and high-end market sectors, with the “second stepper” category (three bedrooms and non-detached with four bedrooms) reaching a new record average asking price of £340,513. Buyer demand in these sectors is up by 2% even compared to the frenetic market of last year, while more choice is now also available compared with 2021. These numbers suggest that for those who can, moving up the ladder to a home with more space remains a priority, even at a time when personal finances are stretched.
Properties in Solihull had an overall average price of £357,674 over the last year.
The majority of sales in Solihull during the last year were semi-detached properties, selling for an average price of £322,827. Detached properties sold for an average of £614,338, with terraced properties fetching £249,019.
Overall, sold prices in Solihull over the last year were 2% down on the previous year and 12% up on the 2019 peak of £319,467.
The sales market is slowing down in Solihull and homes are going under offer within 33 days compared to the 31 days we saw last month. This is another key indicator that the property market is slowing down
October is a peak month for property sales with the last rush of people looking to buy before their thoughts move to Christmas.
However, this autumn we might see the market slow down as people start to put their plans to move house on hold due to the cost-of-living crisis and mortgage rates on the increase.
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
