More than £10,000 wiped from asking price of average Sheffield home

Sellers are being more realistic when it comes to the value of their property, it is claimed
Sellers are being more realistic when it comes to the value of their property, it is claimed
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Average asking prices in Sheffield have plummeted by more than £10,000 in the last year, an estate agent has revealed.

Sellers are now asking for £166,746 on average compared with £176,834 this time last year, according to Sheffield Residential - a drop of £10,088, or 5.7 per cent.

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Maz Iqbal, the firm's director, says the reduction is being put down to sellers being more realistic with their pricing and looking to benefit from the impending mortgage interest rate rises later this year.

And he hailed it as a great news for buyers, especially those taking their first step on the property ladder.

Writing on his property blog, he said the biggest percentage price reductions, in terms of percentages, had been for detached houses in the city.

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"We must stress this overall drop in the asking prices of Sheffield property doesn’t necessarily mean the value of Sheffield property is going down by the same amount," he said.

"Only time will tell if the current levels of Sheffield asking prices is a correction of optimistic house sellers after a couple of months of enthusiastic asking price rises in the lead-up to Christmas, or if it is an initial sign that property values are slipping.

"To judge what is really happening to the Sheffield property market, we believe these asking prices must be viewed in conjunction with both the values achieved and the length of time it takes to sell the property.

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"Also, these figures are averages, so it might also mean less expensive types of Sheffield semi-detached homes or apartments are on the market now, thus dragging the average down, compared to a year ago."