Solihull Market Update – October 2020

As the night’s draw in and the temperature drops, it can be easy to err on the less positive side of life, however the Solihull property market remains strong, with high demand from buyers in the area. As we have come out of lockdown and the looming threat of another is on the horizon, peoples needs have changed with thousands flocking to the countryside or semi-rural locations. Spare bedrooms that can become home offices and gardens are becoming must haves for working families. Nationally, there has been a recorded increase of 66% in active buyers compared to the same period last year.

There is a sense of urgency from buyers who are often taking a look at the property portals, finding a shortlist of homes they like but being disappointed when they are SOLD quickly afterwards. This is fuelling a sense of urgency in the market, leading to quicker completion times; now 48 days in Solihull, the fastest on record!

increase of 66% in active buyers

This flood of purchasers has obviously had a positive effect on house prices, up 6.3% YOY for the area, whilst nationally a growth of 5.5% has been seen, the highest growth rate in 4 years. October saw record numbers set across the board, with Rightmove portal visits up by 50% for the same time last year.

A huge contributing factor to all this positivity is of course the Stamp Duty holiday brought in by the chancellor in July and the subsequent explosion in the market listings can clearly be seen. However, this increase in demand, alongside record completion times and the sheer number of sales going through has put a strain on conveyancing firms… So if you have been dabbling with the idea of selling your home, not only is time of the essence but also the need to price realistically. Yes, house prices have increased but with so much on the market, buyers have never had more choice and if you were to wait longer, just to get an extra couple of percent out of your sale, you may miss the boat and be left disappointed.

The stamp duty holiday ends on 31st March 2021 and with the potential for completion times to increase, if you’re thinking of selling, you cannot waste time! To get a feel for what your property may be worth, use our instant online valuation tool OR to get an accurate market appraisal in these times, contact myself or the team on 0121 705 3242 or email solihull@centrick.co.uk. We can arrange an in person visit to your home or arrange a virtual valuation via Zoom/Facetime/WhatsApp to ensure your home receives an accurate and up to date valuation.