What money do you need to buy a house in Sheffield? Expert estate agent's top advice for first time buyers

It is no secret that buying your first home is becoming an increasingly difficult task for younger generations.

As part of Project Peter Pan, launched by The Star along with National World’s other City World division titles, we have spoken to Thom Cocker, director at Cocker & Carr Estate Agents in Crosspool, Sheffield, to ask for his best practice advice for first time buyers.

Don’t waste your time

Viewing houses is the “exciting bit”. Thom says first time buyers are always keen to get out and start looking, but warned it quickly gets boring.

He said it is common to see first time househunters looking at properties that aren’t right for them.

“If you don’t want a project, don’t look at project houses,” he told The Star. “Before your search, write down what the property has to have, what you’d like it to have and what it can’t have.

“Sheffield has high demand and low supply of first time buyer homes. Work out your areas. We ask people ‘where do you want to live?’ and they say ‘anywhere in Sheffield’ and we know that’s not the case. You need to get to school, to work, public transport - not everywhere works.”

Don’t skimp on the solicitor

“You’re going to need a solicitor,” Thom said. “To me, the solicitor is not the place to save money. I enjoy saving money like anyone but this will be the biggest purchase of your life and you don’t want to save money on the solicitor.”

Getting a local solicitor is even more important. It isn’t unheard of for first time buyers to try and save money with an “out-of-town, call centre solicitor”, but Thom completely believes in the benefit of a local, Sheffield-based solicitor to help you on your housing journey.

It isn’t just solicitors you should find locally, as Thom said surveyors with local knowledge provide the best outcomes for househunters in Sheffield.

“I don’t see the point of using solicitors and surveyors from outside of Sheffield,” he said.

Stay ahead of the costs

It is important for first time buyers to do their due diligence and really understand the costs of buying a home. It isn’t just a mortgage and a solicitor.

“There will be the costs of surveys and costs coming up from the surveys,” Thom said. “They are all extra costs that have to be factored in.”

Gas safety inspections, damp inspections and more can all add hundreds of pounds onto your house purchase and those who aren’t ready could be left empty handed.

“It’s a big risk,” Thom warned. “There are other buyers out there and a vendor could say they will go back to the market and find someone else.”

Be prepared for those extra costs.

Plan, plan, plan

Sometimes new househunters tell estate agents they “don’t want to get into a bidding war” for a home.

It’s a sentiment Thom has encountered, but says bidding wars are part of the process. He said: “If it’s your dream home, chances are someone else likes it too.”

Bidding wars will drive the sale price up too, so Thom recommends first time buyers really think about their strategy and plan ahead.

“You need to get to know the market you’re buying in,” he said. “As a general rule of thumb, our average sale price is just over four per cent above the asking price.

“Historically in Sheffield, properties do hit the asking price and it’s not crazy to see them go above.

“The moment you have seen a property you need to decide what the maximum you are willing to pay for that house is... that will help in your offering process.

“Work out your offering strategy to win the property.”

What is Project Peter Pan?

National World's 17 city world division news titles are collaborating on Project Peter Pan: championing the lost generation.

Project Peter Pan - launched as the UK heads toward a general election in 2024 - aims to use our collective local media power online to give a voice to those in their 20s and 30s who have negotiated a pandemic, work hard and are ambitious, yet are lost.

They told our reporters they are frozen out of the housing ladder and stuck in a rental cycle often in substandard accommodation or they are in debt and facing impossible decisions.