According to Rightmove House Price Index, the average asking price of newly listed property drops by 2.1% this month (-£7,862) to £359,137. This is a bigger dip in new asking prices than is usual at this time of year, as sellers who are determined to find a buyer quickly adjust their expectations and adapt to a less frenzied housing market. This means that at the end of 2022, average asking prices are 5.6% higher than at this time a year ago, only slightly below the 6.3% growth recorded in 2021.
Properties in Solihull had an overall average price of £296,021 over the last year.
The majority of sales in Solihull during the last year were semi-detached properties, selling for an average price of £290,583. Terraced properties sold for an average of £209,268, with detached properties fetching £610,708.
Overall, sold prices in Solihull over the last year were 4% down on the previous year and 6% up on the 2020 peak of £279,709.
The sales market sees the biggest decrease in activity in 2022 as houses in Solihull are taking 42 days to go under offer, compared to 36 days that we saw in last month’s report. This is normal for this time of year as people start to focus on Christmas and New Year.
Heading into January, home movers start to plan their next move. New Year, new home!
The markets start to pick up slowly in January with more people looking to buy and sell. As we head into spring, we see a peak of activity in March right up until July and just before the school break up for their summer holidays.
It is predicted by experts that we will continue to see a decrease in house prices towards the end of 2023, however this is just a correction in the market from the frenzy we have seen over the last 2 years.
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