House hunters have an average budget of £216,000 for Sheffield property
Property buyers in Sheffield’s red hot market are budgeting an average price of £216,364, according to a survey.
Sheffield buyers have the highest budget in Yorkshire and are 14th place in the national table, which is headed by London and where the budget is £384,130.
Money.co.uk surveyed people in major cities across the UK who are seriously considering purchasing a property to discover the average price they are budgeting for a prospective property purchase.
The results show Sheffield buyers say the biggest considerations are size and quality of bedrooms (39.06%) and availability of outside space (37.50%).
When assessing the location of a property, availability of local shops (32.81%) and nearby parks (29.69%) are top of the list of Sheffield’s property hunters.
They feel the biggest obstacle which could jeopardise their chance of buying a property is their earning (28.13%), followed by the hassle of going through the whole property purchase process (25%).
The figures come as more than £3,000 was added to the value of the average Sheffield property in May, making it a record month, according to the Halifax House Price Index, which showed house prices rose by 1.3%.
In the money.co.uk survey, the highest budget after London was Brighton at £307,292, followed by Bristol (£298,077), Southampton (£288,667) and Plymouth.
Interestingly, when property seekers in Sheffield were asked to best describe the number of homes available within their budget, they responded as follows: ‘high’ (7.81%), ‘medium’ (46.88%), ‘low’ (23.44%), ‘none’ (1.56%) and ‘not sure’ (20.31%).
When evaluating a property to purchase, the size and quality of perhaps arguably the two most important rooms in a property also feature highly, kitchen (29.69%) and bathroom (21.88%).
When assessing the location of a property, crime levels (29.69%) and closeness to schools (29.69%) are among the other aspects which rank highly in the criteria of a property for Sheffield property seekers.
Stumbling blocks to owning a house included mortgage availability (23.44%) and too many outgoings (23.44%).
The latest Home Buyers Report from money.co.uk shows that hassle is a core barrier preventing people from buying their first house or moving up the property ladder.
Data shows that 22% of people cite “faff” as one of the biggest barriers to purchasing a property, overtaking financial considerations such as mortgage rates and having too many outgoings.
Earnings remained the top barrier for the second month running, with building up a deposit and mortgage availability in second and third place respectively.
Availability of desirable property is a concern, with just 9% of people saying there is a high supply of properties that meet their requirements within budget and in the right area. 47% indicated medium availability and 29% said there is low availability. Fortunately, only 3% said there is no availability at all.
For further details visit https://www.money.co.uk/mortgages/news/home-buyers-report-june2021
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