According to new data from online estate agent Strike, the number of offers accepted on properties in the city was up 62 per cent in February versus the same period last year.
Viewing requests for properties have risen by 47 per cent in the same month.
A similar story is told by city property firm Mark Jenkinson after 27 lots went in its auction this month, which topped £5.5 million in sales. This included a bungalow in Parkhead Road, Parkhead, which attracted more than 100 viewings and sold for £662,000, having been put on at £350,000.
Sam Mitchell, CEO of online estate agent, Strike, said: “What a year it’s been for the UK property market, with Sheffield being a prime example of an area that has seen demand for homes boom due to changing circumstances and government incentives encouraging the nation to move.
“Now is certainly a great time to sell if you’re thinking about it.
"While the stamp duty holiday is ending in June, those with homes below £250,000 will be able to continue to benefit until the end of September, while homes priced below £125,000 don’t face stamp duty costs anyway. Based on the average house price in Sheffield that means the majority should see strong demand continue even beyond the end of the stamp duty holiday."
Adrian Little, partner and auctioneer at Mark Jenkinson said: “The story of the day was the Parkhead bungalow, a detached property on one of the best plots in the area.
"It had more than 100 viewings and was one of our most popular lots for years.”
He added 1,134 bids were made on 30 properties and 27 of 32 lots were sold for £5.52 million, making it an exceptional day.
Mr Little added: "There is a shortage of properties on the market. It is also possibly due to Covid, but it’s difficult to say. People are online more and the online auctions are working really well. It is difficult doing our job with people working from home, but this was exceptional really.”
Luke Williams, at Purplebricks, agrees there is a boom, adding properties in traditionally strong postcodes such as S10, S11 and S17 were selling for significantly over the asking price.
He added: “There simply aren't enough houses compared to the number of people who want to live in these areas.
“Houses prices in S10, S11 and S17 have risen by ten to 15 per cent over the past year, and I think these areas will remain popular as people have reevaluated what they want from a home. My tip for buyers keen to move into these postcodes is to consider a property at the lower end of the market, such as a terrace, and use this as a stepping stone to a bigger property.”
Mr Williams said buyers’ priorities had also shifted over the past year, as they seek properties which are close to open countryside but also commutable to the city centre. People want more indoor living space, especially an extra living room to convert into an office or children’s playroom, and a bigger garden.
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1. Hot property
This bungalow in Parkhead Road, Parkhead, sold for £662,000, having been listed for auction at £350,000. Photo: Mark Jenkinson