Sheffield's property market is booming with ‘demand unlike ever before’ – and here's why
The number of offers accepted on homes in Sheffield has risen by more than a quarter, according to new data.
Online estate agent Strike compared the three months from June to August with the same period last year, and found that viewing requests for properties in the region also rose by 17 per cent.
June 2020 saw the highest increase in the number of offers accepted in Sheffield, with Strike reporting a 58 per cent rise compared to June 2019.
Meanwhile, June was the busiest month for viewing requests in Sheffield this summer too. During the month there was a 43 per cent rise in those looking to view properties and make a move within or to the region, following the seven-week freeze on the UK property market during lockdown.
Sam Mitchell, CEO at Strike, said: “With property demand unlike ever before, many of our customers in Sheffield are seeing multiple offers to choose from — the ideal situation for a seller. It’s clear from our latest figures that the market is currently a seller’s paradise and that now really is a great time to sell if you are thinking about it.”
Demand strengthened during the summer period after the government’s announcement in July of a stamp duty holiday, removing stamp duty fees for anyone moving home until March 31, 2021. Recent research from Rightmove highlighted a UK ten-week high for homes selling in a week with buyers and sellers taking advantage of the stamp duty holiday while they can.
Mr Mitchell added: "We can’t ignore the larger climate, and with restrictions tightening it’s understandable that sellers might want to hold off to see how the situation develops. It’s going to be a personal decision — selling before Christmas would be advised to allow ample time to complete and exchange on a property before the stamp duty deadline and take advantage of the red-hot market, but each seller has to make a choice for themselves.
“One benefit of the last few months is that estate agents have had to adopt virtual tools and tech services which can make it easier to move during lockdown. In particular, online agents are fully equipped to facilitate the whole process from start to finish — meaning that moving is still a definite option.”