Sheffield House Market Overview
23 September 2014
The legacy of the recession still lives on, but it seems now that when the media reports the story on the economy, it is usually a positive one. While many people are not interested in the wider economics of our country, housing prices is one area that is often followed keenly. Property owners, landlords, tenants, and buyers in Sheffield all want to make sure they know what’s going on in the local housing market.
So what are the latest developments in Sheffield?
Sheffield property prices
Property sales in Sheffield have risen. The number of sales has seen an overall rise from January 2013 to March 2014 of 27.04%, from 1,468 to 1,865. 2013 saw property sales in Sheffield hit their highest quantity since 2007. The average price of houses in Sheffield has also risen, although at 2.86% in the year prior to the data collection period, this increase is just over half of the national average.
Sheffield rental prices
Private renting in Yorkshire and the Humber rose by 0.4% between March 2013 and March 2014. In Sheffield, the average private rent rose 0.9% to £563 after a long period of remaining unchanged at £558 per month. It is predicted that the private rents will increase nationally by 1.7% during 2014, however with average earnings expected to grow by 2.2% during the same period, things are looking hopeful for prospective tenants.
Outlook for first time buyers
With housing prices and property sales on the rise, first time buyers could find it harder to get onto the property ladder. Not only are prices rising, the average time a property is spending on the market has fallen from 29.4 weeks to 28.1. While not presenting a drastic reduction of time, and still being quite a long period, the statistic could suggest that the willingness of property hunters to agree a sale, and the money that they are able to offer, will contribute to a further reduction of time properties spend on the market.
Performance compared to national levels
With the national average house price for England and Wales standing at £169,124 as of the time of data collection by Sheffield City Council, Sheffield’s average house price of £116,824 shows that there is still a way to go before the local market is level with the national. The average house price in England and Wales saw a three-month rise of 1.5% compared to Sheffield’s 0.03% increase. The 12 month increase for England and Wales was 5.58%, nearly double Sheffield’s 2.86% rise.
Ready to buy? Protect yourself with a property survey from Alcott Associates
Whether property is relatively cheap or exceeding national averages, you will be making a large investment regardless of the house you choose to buy. Protecting yourself and your finances is vital, which is why you need to have your intended purchase assessed by qualified and experienced chartered surveyors. Make sure you know exactly what you’re getting by calling our Sheffield chartered surveyors office today.
All data taken from Sheffield City Council’s Housing Market Bulletin Jan-Mar 2014, which can be downloaded here.