Redbrik: Sheffield estate agent discusses impact of financial crisis on demand and property prices

The property industry has so far seen few implications from the crisis, according to Redbrik property consultant James Bridgland, with the large gap between supply and demand before the crisis meaning agents are only seeing a calming market, rather than drops in sales.

Mr Bridgland said: “The cost of living crisis is having an impact on everyone but families on lower income will be very conscious of rising costs and not making the wrong decisions, but they have to look at this with a long term view.

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"Particularly for those that need to move – whether for school, lifestyle or financial reasons – there are ways to make this financially viable, you just need the right expertise and advice behind you.”

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Despite rising costs, Mr Bridgland said “people are always wanting houses”, with houses from the top to the bottom of the price range still in demand. He added: “We do not anticipate the demand for lower priced homes to come down as we still have a huge gap between supply and demand, but a calming of the market, coupled with the stamp duty incentive, will help lower income families secure a property where they may have struggled with the frantic market over the last 24 months.”

The stamp duty changes implemented in Kwasi Kwarteng’s mini-budget a few weeks ago, have been one of the small number of policies to survive the overhaul by new Chancellor Jeremy Hunt. Currently, no stamp duty has to be paid on the first £250,000 of a property’s value. The move received mixed reviews, with it making house purchasing easier in the short-term, but there have been warnings it could cause house prices to increase.

Aside from a “drop off in viewings” at Mr Bridgland’s Ecclesall office, which he said isn’t “necessarily a bad thing”, it appears Sheffield’s property market has seen little impact from the current financial crisis. Mr Bridgland said the industry is “aware” of the crisis, but is confident anyone can operate on the property market with the right advice.

Redbrik recently launched a section of its website to help people make the most of the market.

The featured image is of a Redbrik property previously shared by The Star, if you like the look of it, you can find it on the company’s website, here.