These are the most important factors people look for when buying a house in Sheffield
A new study by a financial site has revealed what people desire when looking to purchase a house in Sheffield.
With the UK gradually getting back to ‘normal’ after a significant period of various Covid-19 related restrictions, many Brits are now looking ahead and planning for important life decisions such as buying a property.
Interested in the property market, Money.co.uk surveyed Brits in major cities across the UK who are seriously considering purchasing a property to discover the average price they are budgeting for a prospective property purchase.
Sheffield came in 14th place, as prospective property buyers in the city have an average budget of £216,364.
According to the property website Zoopla, properties in Sheffield had an overall average price of £220,774 over the last year.
The majority of sales in Sheffield during the last year were semi-detached properties, selling for an average price of £210,446, whilst terraced properties sold for an average of £171,045, and detached properties fetched around £367,155.
Overall, sold prices in Sheffield over the last year were 9% up on the previous year, and 12% up on the 2018 peak of £196,562.
Interestingly, when property seekers in Sheffield were asked to best describe the number of homes available within their budget, they responded as follows: ‘high’ (7.81%), ‘medium’ (46.88%), ‘low’ (23.44%), ‘none’ (1.56%) and ‘not sure’ (20.31%).
When evaluating a property to purchase, the most important factor that property hunters in Sheffield consider in their decision-making process is the size and quality of bedrooms (39.06%), followed by the availability of outside space (37.50%)
The size and quality of perhaps arguably the two most important rooms in a property also feature highly, kitchen (29.69%) and bathroom (21.88%).
When assessing the location of a property, the variables property seekers in Sheffield strongly weigh-in is the presence of local shops (32.81%) and accessibility to parks/beaches/natural environments (29.69%).
Crime levels (29.69%) and closeness to schools (29.69%) are among the other aspects which rank highly in the location criteria of a property for Sheffield property seekers.
Given the turbulent economy, property hunters in Sheffield could face obstacles in their desire to purchase a property.
The biggest stumbling block Sheffield’s prospective property buyers feel could jeopardise their chances of buying a property is their earnings (28.13%), followed by the hassle of going through the whole property purchase process (25.00%).
Other top concerns include mortgage availability (23.44%) and too many outgoings (23.44%).
Nisha Vaidya, Mortgage Expert at Money.co.uk, said: “The money.co.uk Home Buyers Report provides an interesting insight into the thinking of active property seekers in Sheffield.
"At the top of the wish lists of property hunters in Sheffield are quality sizeable bedrooms and a good amount of outside space. In addition, being near local shops and parks for a more enjoyable and convenient living experience are important too.
"Our report also considers the potential barriers which may prevent Sheffield’s property seekers from getting on or climbing the property ladder. The rising cost of properties in the city, unmatched by rises in personal earnings, were identified as the biggest stumbling blocks for Sheffield’s prospective property buyers.”
For more information about the research, visit Money.co.uk.