Sheffield’s housing market heats up with homes selling in just 24 days

Homes in Sheffield are selling faster than anywhere else in the country at the moment, new figures show.
Houses are taking an average of 24 days to sell in Sheffield.Houses are taking an average of 24 days to sell in Sheffield.
Houses are taking an average of 24 days to sell in Sheffield.

Property in Sheffield is selling in just 24 days on average as the city’s property market experiences a post lockdown imbalance of supply and demand.

This is significantly lower by 12 days from 36 days one year ago.

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On a national level, the time to sell a property has reduced by almost two weeks, with the average home across the UK now taking 27 days to secure a buyer in comparison to 39 days over the same period in 2019.

The figures, from the Zoopla UK House Price Index, also show that Sheffield falls in the ‘top ten’ cities for house price growth levels with average prices up 2.8 per cent annually to £139,900.

The current strength of buyer demand and sales is supporting house price inflation UK-wide.

Experts have said that the housing market is currently at its strongest for over five years and is in a good position to remain robust throughout 2020.

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Zoopla expects market conditions to remain stronger than last year for the rest of the year, with house price increases of two to three per cent by the end of December.

Richard Donnell, research and insight director at Zoopla, said: “Housing market conditions remain unseasonably strong despite us moving into recession.

"Demand continues to outpace supply and support house price growth of 2.5 per cent per annum.

"Meanwhile, houses are selling faster than flats as we see a shift in buyer priorities in the wake of the lockdown and movers prioritise more space.

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“The next important milestone for the housing market comes this month as schools reopen and we start to get back towards a full reopening of the economy.

"The ‘once in a lifetime’ re-evaluation of housing requirements on the back of the lockdown will be a counterweight to the impact of the recession on housing market activity over the rest of 2020.

“However, the unwinding of the furlough scheme and other government support is the next challenge that will test the strength of economic recovery.”