Week 16 - DM & Co. Homes - The Solihull Property Market

Hello and welcome to this weeks property market update. It has been a strange old week for me, Bank Holidays tend to throw all sorts at you and the shorter working week never really feels like it got going! But it did - activity levels across all Teams continue to be strong and appetite for buying has never been stronger.

A question that I am asked all the time - Can this go on forever? Not a chance, should we be worried? I don’t think so.

It is at times like this off the back of a-near decade of strong activity that we have to be mindful of what might be around the corner. Properties cannot continue to rise in value as they have done in recent years. However, we are fortunate to live in affluent suburbs of the second city, we benefit from excellent schooling, transport links and whilst demand outstrips supply - it looks like they will. That said, we are seeing more down valuations as lenders try to put a cap on it all to cool the market - so, just because someone has said that they will pay a price, please don’t get too excited until the mortgage valuation has been carried out. These valuations aren’t killing deals but many are having to be renegotiated.

One thing that I have noticed this week is that price reductions are becoming more frequent on Rightmove. This perhaps a sign that buyers aren’t as bullish now as they have been in recent months and that agents should focus a little more on realistic marketing values and not pie in the sky figures that ultimately have a negative impact on the value of your home.

Right, enough from me - here’s what the teams have to say across the business.

“With the Easter holidays nearly over we have seen a surge in appointments with home owners thinking of getting on the market in time for a summer move. Still no slow down in the volume of buyers contacting us- I have been told by my marketing team we are registering a new buyer every 12 minutes!! I wish we were listing properties at that rate!! Which brings me onto the worry home movers have- ‘What if I can’t find a new property?’ My team is here to help you find your dream home! There are lots of ways to do this, so don’t worry, call us and we can help you. Next time you are in Dorridge, pop in and we can make a plan!” - Lisa Smith, Branch Manager - Dorridge and Sales Director

“A busy and exciting week for Land & New Homes with preparations made for an even more exciting week next week! Our biggest site yet has been secured and will be joining the open market next week; no planning history, a prime location and potential for a special and sizeable scheme. Another site will be dealt with off market in the Sutton Coldfield area with planning for five houses. For more information on this, as always, get yourself known to me!” - Chris Evans, Land & New Homes Manager

“The level of activity at the Premium end of the market is very exciting, both in terms of properties coming to market, but also in terms of buyers at the £1 million plus bracket. We have seven new properties coming to market before the end of the month. All of these are currently being worked on so that they are presented perfectly - you will see these filtering through shortly which it is why it is so important to make sure that I know what you are looking for, some of these fabulous homes will be sold before they hit Rightmove. The rate of growth in this part of our business has meant that we have had to expand the team to ensure service levels are maintained, so we are pleased to confirm that Elaine Birkley who has supported me for a couple of months is now joining the team on a full time basis from the 1st of May. If you would like to see what makes selling your property with Solihull’s No.1 Million Pound Agent so different, get in touch - I would love to meet you - email me by clicking here.” - Kathy Griffiths, Head of Premium

“This week has seen a return to more activity for valuation requests as we near the end of the Easter holidays. We are still seeing high levels of new instructions being sold prior to launch. Bungalows are a little like buses, none for ages and then a flurry! - we have a good selection of bungalows coming to market this week, which are currently being pre-marketed. If you are buying in Solihull - we need to know who you are, you cannot just rely on Rightmove and Zoopla. If you’d like to discuss the best strategy to achieve the best price for your property in this market - get in touch!” - Jo Sanders, Branch Manager - Solihull

“The West Midlands has seen a 10.3% increase in rent vs last year & I can honestly say that in my 10+ years in this industry, I have not seen a market like it! We have successfully let the most expensive apartment within a 3 mile radius of Solihull for just short of £3000 a month. For the interest of our investors the average yield in the Midlands is at 5.2% so if you have not had a rent review in the last 12 months, feel free to get in touch for some advice! Now is the time to invest and assess your portfolio - Join The Landlord Club today!” - Gabrielle Argue, Lettings Manager

Thank you for taking the time to read this weeks market update - if you would like to know about anything property related, we would love to hear from, and help you.

Let’s be honest - selling your home is never going to be easy, there will always be something that doesn’t quite go to plan - what is incredibly important is how your agent reacts to these instances.

If you would like to learn more about how we operate, please get in touch with the Solihull or Dorridge office on 0121 775 0101 or 01564 777 314 respectively.

We look forward to hearing from you.

Kind regards,

Dominic Murphy - email me here or WhatsApp on 07595 903 811

Managing Director – DM & Co. Homes