July 2023 Property Market Report - Solihull

August, 2023

According to Rightmove House Price Index, The average price of property coming to market drops by 0.2% (-£905) this month to £371,907, marginally below the 0% norm for this time of year as new sellers temper their price expectations in response to recent Base Rate rises and increasing buyer affordability constraints. Price trends have proved more resilient than most expected during the first half of the year, with average asking prices now 2.6% higher than in January.

However, the brakes on the economy being applied by the Bank of England to combat the surprisingly sticky inflation figures are biting, with the number of sales agreed in June now being 12% behind 2019’s more normal market level, contrasting with the surprisingly strong first five months of the year.

However, buyer demand remains resilient, being 3% higher than at this time in 2019, with agents reporting that right-priced homes are still attracting motivated buyers due to the shortage of property for sale compared to historic norms.

According to Nationwide House Price Index, July saw house prices fall 0.2% month on month with the annual rate of house price growth remained negative at -3.8%, down from -3.5% in June.

The property market in Solihull for July

Properties in Solihull had an overall average price of £375,576 over the last year.

Most sales in Solihull during the last year were semi-detached properties, selling for an average price of £348,010. Flats sold for an average of £200,749, with detached properties fetching £696,114.

Overall, sold prices in Solihull over the last year were 13% up on the previous year and 20% up on the 2020 peak of £313,939.

How fast are homes selling?

Houses in the region are taking 55 days to go under offer, from the 53 days we saw in June.

What can we expect to see in the property market?

The summer holidays are in full swing now and the markets are much quieter than normal. This is likely down to the latest increased interest rate putting extra pressures on people’s decisions to move. The markets usually pick back up in September, but this will be highly dependent on the next updates we receive from the Monetary Policy Committee.

Are you thinking of selling? 

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



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