Week 42 - The Solihull Property Market

What a week, lets be honest - Ms. Truss’s days were numbered following the calamity of errors and failings. It would be unfair to put all of the blame on her - quite what this Government is playing at is beyond me. Where do we go from here, will Boris bounce back - is it finally time for Rishi, or will Penny jump to the front? - Interesting and exciting times ahead.

How has the property market reacted…seriously guys, I have said this before and I will say it again - We are blessed and incredibly fortunate to operate across and within a region that is so well protected. Look at what we have going for us, a suburb of the country’s second city, excellent transport networks extending to the motorway network, rail network, HS2 inbound and BHX - not to mention the abundance of green space, fantastic schooling and exceptional local employers. The demand to be here continues to far exceed the number of properties available to buy. Sure, there is an education - todays price is very likely to be less than last years price - but not by much, the days of cheap debt and the stamp duty holiday creating a frenzy will not be repeated. There has to be a period of cooling and we are in it. This will bring a much better market to buy and sell in and we are starting to see and feel this.

Right, enough from me - but please do call or WhatsApp if you’d like to discuss anything property related. I’m going to leave you now with a roundup from across the team, starting with Lisa Smith my Sales Director.

Thanks Dom and Hello everyone - I have been busy digging into the data this week and although the number of new buyers registering is still lower than previous months, the number of viewings has been consistent, we have 9 properties under offer this week with 3 having sales agreed.

This indicates that there are still buyers who have been searching for a while, and that stock levels are on the low side. We have also found that motivated sellers who have been willing to accept slightly lower offers, now have sales agreed enabling to make their desired move. Ultimately, this is the goal, helping people make the next move and start their new chapter.

Although it feels quieter, I thought it would be interesting to review Rightmove data for B93 to provide an overview of the market. With still just over a week left in October, I have compared data to September, and interestingly available stock (177), new instructions(43), and sales (21) are comparable, with price reductions (17) at a slightly lower level.

I have also compared the data for to October 2021, to see how the market compares to this time last year, and interestingly this shows that available stock (128) was lower, new instructions (26) were lower, sales (32) were higher and price reductions (4) were much lower. To summarise rather than taking a snap shot of now, looking at the wider data, paints a more positive picture of the market.

It is very positive that stock levels are higher, and although sales agreed are slightly lower, it is most likely a reflection of the uncertainty of the last few weeks. The higher number of reductions indicates the motivation of sellers to agree sales, whether they have been marketed at an inflated price or not?

So in essence, I strongly believe that we must not just listen to the media, but speak to local property experts who can provide an overview for your area – they are at the pulse of the local market and I know our teams are on hand to offer advice to anyone who needs it. - Lisa Smith, Sales Director & Dorridge Branch Manager

Welcome to the Solihull Market update from me Peter, Branch Manager of the Solihull Team - I am delighted to say that we have seen a another busy week of activity, market appraisals attended, new instructions listed, offers received, sales agreed, and last but not least of course; sales successfully completed.

Yes the market has toughened up following the shift in interest rates and the uncertainty that it seems to fuel. I am however frankly amazed by the number of comments I have heard from both buyers and sellers that other agents are telling them that the market has ground to a standstill, that buyer numbers have drastically reduced hence why that agent is unable to get their seller viewings, offers and ultimately get them sold.

I try not to concern myself with what other agents are saying. What I, and the team I work with do concern ourselves with is succeeding where others seemingly are unable to. If you are a buyer and struggling to find a property, or if you are a seller currently on the market and struggling to find a buyer, then we can absolutely help - it is what we are good at, we do things differently and achieve results where others struggle.

In a tough market, clients will turn to the resilient and trustworthy agencies as they will demand certainty. We are already starting to see this and look forward to welcoming you. - Peter Faithfull, Solihull Branch Manager.

The lettings market continues to amaze me with reports stating that the West Midlands has seen a 3.1% increase in rents vs last quarter, 11% increase in rents vs last year & an average yield of 6.1%! Those of you that have the ability to buy in this market should!

We expect an even bigger shortage of properties in the rental sector but the demand for rental homes is at an all time high! I have had the pleasure speaking with letting agents alike, building relationships in different locations allowing us to expand our management portfolio into different areas of the UK.

I love the fact we have no limits & the idea that we can support landlords further a field is an opportunity I have never had before! Are you looking to buy your first ever investment & not sure where to start? Join The Landlord Club today for my top three investment opportunities EVERY week REGARDLESS of what agent its on the market with.

Thank you to the landlords that have chosen this month to move their management across to DM & Co. - we will not let you down! - If you would like to have a coffee to discuss your investments, please feel free to get in touch - I am on 0121 775 0101 (Option 2). - Gabrielle Argue, Lettings Director

Let’s see what Kathy Griffiths, Head of Premium has to say….

Viewings maybe lower than we are use to but that doesn’t mean to say Sales are low, having just agreed our 4th Premium sale this month with two more very close! I guess you could say quality over quantity when it comes to buyers at the moment.

What’s really exciting is the huge amount of interest our gorgeous new home on Jacobean Lane is causing …. It’s the sort of house that doesn’t come along very often which stirs those buyers looking for something exceptional, where location and potential are paramount.

We will be releasing details on Monday of a stunning family home in North Warwickshire which will be super low profile details only upon request ….. at offers over £2.6m and we also have a fabulous family home on Dorridge Road which we will be starting the pre-marketing process on next week with a number of interested parties already lined up.

Elaine, Lisa and I are always around to talk about your property if you are thinking about marketing your home, it doesn’t have to be anything formal, just a chat and a coffee; a refreshing, flexible, honest approach - Over to you Dom!

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. If you’d like to book a valuation, that is really easily done - click here!

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

Managing Director – DM & Co. Homes

WhatsApp me on 07595 903 811