Property for sale: Sheffield one of the best places to sell your home
Sheffield is one of the best places in the UK to sell a home with the average time being just 21 days, a survey says.
The city was sixth on a list of more than 40 UK cities as figures showed the property market had grown in Sheffield by 10.7 per cent between 2020 and 2021.
Housing finance experts TIC Finance analysed the market growth rate, the average number of days it takes to sell a property, as well as the average estate agent fee in the area.
They then ranked every city’s performance in each category and combined the totals to provide a final ranking of the best and worst places to sell your home in the UK right now.
Sheffield, Glasgow, Liverpool, Stoke, Leeds and Manchester all made their way into the top 10, with London, Chelmsford and Norwich and Southampton all landing themselves at the bottom - which does hint towards a north/south influence.
But this is contradicted with Scotland’s influence on the final rankings.
While Glasgow was named the best city to be a seller for its combination of speedy house sale times, low estate agent fees and impressive market growth rate. Aberdeen’s housing market is the only one in the UK that has regressed in 2021, with the average days that it takes for a property to sell being over double Glasgow’s total.
Paran Singh, lead financial adviser at TIC Finance, said: “The housing market has been through extreme turmoil all throughout the pandemic, with various schemes, rumours and policy changes causing a lot of distress for new home buyers.
“But from a seller’s perspective, the market fluctuations actually provided a lot of new and improved opportunities for a few chosen UK cities.
“Some home sellers are now finding themselves in an excellent position to sell their home, whilst others are experiencing the opposite – which is exactly why we decided to investigate the most up-to-date trends in the UK right now, to give an accurately weighted picture of the best and worst places to currently be a seller.“
To read more about the topic visit https://www.ticfinance.co.uk/the-best-and-worse-places-to-sell-your-home-in-2021/
The survey comes as a first time buyers index showed those buying in the 18 month period since March 2020 have experienced an increasingly expensive process, stretching them to raise additional tens of thousands in funds.
Aldermore bank’s latest First Time Buyer Index, a survey of 2,015 prospective and 500 actual first time buyers, showed nearly three in five first time buyers had to raise a larger deposit than intended due the ongoing impact of Covid-19. Half experienced a house purchase fall through, costing on average £2,403. Additional fees and delays involved with buying a home cost first time buyers an average of £4,486.
Jon Cooper, head of mortgage distribution at Aldermore, said: “I would advise would-be buyers to plan carefully to ensure they are prepared for the range of costs involved and to seek a broker who can be a great help in cutting through the jargon and guiding you through the process.”