Stamp duty changes helping Sheffield housing market to flourish

Chris Thomson, managing director of Eadon, Lockwood and Riddle
Chris Thomson, managing director of Eadon, Lockwood and Riddle
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Changes to stamp duty and the low supply of properties in Sheffield is helping the city’s housing market to flourish.

Estate agents believe the city’s housing market is booming with several seeing a surge in enquiries during December - a notoriously slow month for sales.

Nicola Spencer, director of Spencers Estate Agents

Nicola Spencer, director of Spencers Estate Agents

Eadon, Lockwood and Riddle, which has offices in Sheffield and Derbyshire, saw a 17 per cent rise in offers, compared with December 2013, and Spencers Estate Agents, based on Ecclesall Road, said it had seen ‘extraordinary results’.

Chris Thomson, managing director at ELR, said: “The record number of enquiries from buyers and property owners has been catalysed by the new calculation of stamp duty, which could save buyers thousands of pounds and means home owners are likely to get the correct asking prices for their properties.

“The market has generally become less seasonal as buyers now need to be quick to view homes due to the ongoing lack of supply.”

He believes the unexpected number of enquiries may continue into January, adding: “This is a great turnaround for us as throughout 2014 we have seen a low supply in properties compared with a high demand of people looking to move home, which thanks to the recent surge in enquiries from owners may be set to change.”

Nicola Spencer, director of Spencers Estate Agents, said since September it seemed the city’s housing market was slowing, but there were ‘extraordinary results’ for people who did sell their homes.

She added the lack of homes for sale had led to high prices being achieved, with some vendors getting multiple bids.

She said: “If ever there was a time to sell you would think that this would be now but with a general election looming, the uncertainty in the market may continue.”