October, 2023
According to Rightmove House Price Index, In a month of subdued housing market activity, the average asking price of newly marketed properties increases a little to £366,281 (+0.4%). Prices have risen at this time of year in all but three of our September reports since we began reporting back in 2001, and it is smaller than the average of 0.6% recorded in the same period over the past ten years . While some sellers are clearly being too optimistic on their pricing, it does appear that others are listening to their agents’ advice to price correctly from the outset. As expected, the annual rate of change has continued its downwards trajectory, which means that prices are still on track to meet our prediction of a 2% fall over the year as a whole. According to Nationwide House Price Index, house prices remain unchanged over the month, but remain down 5.3% year on year which is circa £14,500. All regions recorded annual house price falls in quarter 3 of the year.
The South-West was the weakest performing region, with prices down 6.3% year on year.
Properties in Solihull had an overall average price of £368,993 over the last year.
The majority of sales in Solihull during the last year were semi-detached properties, selling for an average price of £344,708. Terraced properties sold for an average of £273,517, with detached properties fetching £675,425.
Overall, sold prices in Solihull over the last year were 7% up on the previous year and 18% up on the 2020 peak of £313,983.
Houses in the region are taking 56 days to go under offer, from the 55 days we saw in August.
Now this news might not seem like good news to most, but the latest announcement from the Monetary Policy Committee fixing interest rates is great news for the property industry. Previous to this we have seen 14 consecutive increases which has meant the last 2 months for most Estate Agents has been quieter than normal, however since this announcement we have seen a 12% increase in buyer activity. This might remain slow throughout the rest of 2023 but there are positive signs to see a huge improvement in 2024 which shows the market returning to normal pre-covid levels.
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
