Is this Sheffield's most up-and-coming suburb? Demand for houses has risen by 43 per cent
Demand for houses in the Sheffield village of Norton rose 43 per cent in the last 12 months, a report shows.
Figures from the Rightmove house price index show the village – which borders on Graves Park and has good rated schools such as Mossbrook and Norton Free – led the way for demand from buyers.
Estate agents routinely refer to Norton as sought after because it is considered quiet and tree lined. Other popular areas include Heeley, where demand soared by 30 per cent and Penistone with demand up 17 per cent compared to last year.
Purplebricks property partner Luke Williams said: “I’ve seen an increase in demand and sold prices in Norton as people are starting to look at the area as a second option to S17, S11, and S7, as a lot of buyers were getting priced out of the market in those postcodes.
"Norton is also a really good spot for commuters, with easy access to the M1, Sheffield city centre, Chesterfield and surrounding areas.”
Luke’s colleague Jess Gavelle added: “Demand for properties in Norton has grown as there are lots of family sized homes with potential to add value and extend. St James Retail Park has just been built over the road from Norton, properties are in the Meadowhead school catchment area, and Graves sport centre has had a lot of investment.”
The Rightmove index also shows the average property price in Sheffield is £224,703, up 8 per cent compared to last year, and sales demand in the city is up 7 per cent compared to this time last year.
Rightmove says nationally it is the first time since March 2007 that a ‘full house’ has been recorded, with all market sectors and all regions of Great Britain having hit new record price highs in the same month.
The continued fast turnover of property for sale and a window of opportunity to buy before a potential interest rate rise seem to have overcome the final expiry of all stamp duty incentives and are keeping activity robust.
Mark Ross, managing director of Redbrik, said: “Stock shortages continue to drive prices upwards, though accurate pricing rather than over-pricing is very important to get prospective buyers through the door.
"We expect prices to continue to rise, albeit at a steadier pace. This should give buyers and sellers more confidence to come to the market as they better understand the less frantic conditions.
"We’ve seen property firmly re-establish itself as a reliable long-term investment for owner-occupiers and investors alike. While we expect a 0.5 per cent increase in the mortgage rate over the next six months, we predict rates will remain comparatively low as banks, and building societies compete for business.
“We’re advising sellers to start planning their moves for 2022 now by taking advantage of the blue skies and getting their marketing organised, so they’re ready to go.
“Our data shows that 87 per cent of offers accepted are from ‘proceedable‘ buyers, cementing what we knew to be true; buyers need to plan ahead to put themselves in the best position to move.”
The latest government figures show the average price of a property in Yorkshire and The Humber was £185,968 in August. The average price of a property in the UK was £264,244.