Sheffield property prices 'could increase by 10 per cent across the city in 2022'

Sheffield property prices could increase by 10 per cent across the city in 2022 as the market continues to boom, a top estate agent says.

Friday, 10th December 2021, 9:53 am
Updated Friday, 10th December 2021, 9:53 am

Nicola Spencer, managing director of Spencer, expects a price increase in all Sheffield postcodes as demand continues to be high but supply is low.

She said the idea of up-and-coming postcodes was old fashioned because prices were increasing everywhere.

Nicola added: “Prices will rise across the board, maybe another 10 per cent up. There is no up and coming area any more, people buy in their affordability range.

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Nicola Spencer, managing director of estate agent Spencer

"Schools, facilities and a thousand other factors play a part, but there is no up-and-coming area, we are seeing the same increases across the city. Every postcode is performing well.”

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Bidding can be ferocious and a three bed terraced property in Norfolk Park on the market with Spencer had 70 viewings and 46 offers.

Nicola added the Sheffield sealed bid system of buying a house meant bids were routinely over the asking price.

"There is a huge shortage of property,” she added. “Demand is high, supply is low, so prices are pushed up. I can’t say we can hit the volumes needed to level it out.”

Price indexes suggest the average house price in Sheffield is between £190,000 to £200,000 and national figures suggest there are 19 buyers per property.

Nicola said traditional hotspots such as S10 – which includes Fulwood and Crookes – had a massive backlog of people wanting to buy. She added Walkley in S6 and Meersbrook and Woodseats in S8 were also popular.

"These are vast areas with properties ranging from a £70,000 apartment to £800,000 homes. Any area with a good school will see an improvement.”

She added people moving from London to Sheffield, looking to downsize or couples divorcing all added extra buyers to the market which increased competition for houses.

Her comments come after a survey said Sheffield was one of the best places in the UK to sell a home with the average time being just 21 days,

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.

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