Sheffield area market continues to thrive

14th August 2019

Sheffield area market continues to thrive In spite of the current political chaos surrounding us, the local property market continues to thrive. ELR estate agents have seen a remarkable 24% increase in year on year sales (Jan - July) with small price increases also been seen. These increases (around 2%-4%) have been seen in the traditional 'hotspots' of South West Sheffield, The Peak Park and South East / East of Rotherham.
With average sales prices in the region of £320,000, we are seeing a very even spread of sales, from investor type homes (2&3 beds, up to £150k) right up to £ Million plus properties, throughout the region. Lack of supply is helping to improve sales times, although the time taken to legally complete an agreed sale is unfortunately getting longer, with solicitors having to make more and more enquiries, prior to approving contracts.
ELR Estate Agents have 4 sales offices, who currently are processing around 200 'sstc' properties, the highest amount since the 'boom' times of 2006 / 2007. Following a sharp slow down in the market post 'boom', sales numbers have well and truly recovered, unlike many of our counterparts in the south of the UK,
In total, we have around 1800 registered buyers across the group, with 3 bedroom homes, between £200 - £300,000 having the greatest demand. There continues to be a disproportionate demand for bungalows, with life expectancy increasing and builders been reluctant to develop single storey accommodation, as profit margins are less (something for planners to consider?)
Although we are currently experiencing a slight summer 'dip' we would expect listings and sales to improve througout September and October, with buyers keen to move home prior to the year end.