Houses selling in less than two weeks as Sheffield property prices continue to rise
The Sheffield property market continues to boom with sales in less than 14 days as UK figures soar 30% higher than the peak before the 2008 financial crisis.
The property website Zoopla said the average price of a home was £230,700 – as much as 5.4% higher than the same month a year ago.
It said the sharp increase had come as the number of homes being put on the market for sale had dropped by 25% in the first half of the year compared with the same period in 2020.
This matches the picture in Sheffield where agents say demand is outstripping supply, leading to multiple bids over the asking price. Sales are often agreed in less than 14 days, making the market even more competitive.
Ivan Fewtrell, who covers S5, S6 and S35 for Purplebricks, said: “The housing market in Sheffield remains busy. Demand from both first time buyers and families is outpacing the supply of properties available, making it very competitive.
"Many properties are receiving multiple offers and selling in less than two weeks of being on the market. This high demand is still driving prices up and most homes are selling in excess of the asking price.”
Other factors include the so-called race for space, where buyers want an office in their home and bigger gardens.
Mr Fewtrell said: “The ability to work from home coupled with a greater appreciation of outdoor space is fuelling demand.”
Average property prices across Sheffield vary depending on which index is used, but most put it between £191,000 and £200,000.
An example of a Sheffield property for sale at the national average is a three bed detached house in Ravencar Road, Eckington, on the market with eXp World UK. Features include many of the things experts say buyers compete for – three bedrooms, parking space and gardens at the front and back. The agent brochure says: “Within walking distance to the nearby Eckington High School, as well as local shops and on a bus route. Having been a family home for the last 43 years this property has been loved, which no doubt it will continue to be by the new owners.”
A Shefield property for sale at the city average is a three bed semi detached house in Carrville Drive, Birley Carr, being marketed by Purplebricks with an asking price of £200,000.
Zoopla adds the demand for houses was more than double that in the years before the pandemic and that family homes were particularly popular. Supply has failed to keep pace with demand since January 2021, with no sign of a rebalance.
The findings echoed another study published this week by a rival property firm, NAEA Propertymark, which said that 40% of UK properties sold in June went for more than the original asking price, as fewer buyers fought for limited available stock.
For details of the Eckington home visit https://www.zoopla.co.uk/for-sale/details/59270596/ and to see the Birley Carr home visit https://www.purplebricks.co.uk/property-for-sale/3-bedroom-semi-detached-house-sheffield-1226643
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