Houses For Sale in Sheffield, A Comprehensive look at the Local Property Market
The Sheffield property market
There are still issues in Sheffield – mainly involving sluggish growth and an erratically improving housing market. Nevertheless, most analysts are predicting a period of relative prosperity for this proud city, which was underlined by a recent article in The Independent on the UK’s best cities to live in. If you need to sell your house in Sheffield, then the next few years could be a great time to do so.
House prices are rising again in Sheffield
Sheffield is a typical industrialised area in the north of England, in so much that its local economy is heavily reliant on manufacturing, unskilled jobs and the service sector. The city was devastated by unemployment and stagnating wages during the recent recession, and it still hasn’t fully recovered. But there is now growing confidence of a sustainable recovery throughout the city, which has finally manifested itself in house price rises, according to a recent report from ITV’s Calendar. In February 2014, the average price of houses for sale in Sheffield was £117,000 – three percent up on February 2013. You might be forgiven for getting excited about rising house prices if you happen to own property in Sheffield, but you shouldn’t get carried away with attention-grabbing headlines. The recovery is happening at different speeds throughout the region, and what may be happening in one street may not be happening in the next. If you need to sell your house quick with so many houses for sale in Sheffield, you’re going to need to set yourself realistic price expectations. The only way to do that is to fully research house sold prices in your specific locality. An expert property buying service or a local estate agent will be able to point you in the right direction when it comes to setting an achievable asking price, but you can research the market for yourself with a number of free, online resources. Sites like Rightmove, Zoopla and The Land Registry publish house sold data and transaction stats on a daily basis, so you can get a flavour of average property values in your own street.
How to market a house for sale in Sheffield
If you are like thousands of homeowners across Sheffield, you have probably been keeping a close eye on average property values since the banking crash of 2008. Whilst what you see now may be encouraging, the recent upturn in the local housing market is not cause for complacency. House buyers are more wary than ever about getting value, and banks are still reticent about lending money. You will need to work hard to create a demand for your house, and the only way you can achieve that is through an effective marketing strategy. An increasing number of people are choosing to market their home in Sheffield privately, as they are keen to save on the commissions and fees charged by property buying companies and estate agents. This may be a good idea if you have a thorough knowledge of how the market works and the time needed to sell a house quickly in Sheffield. But most people won’t have the time to commit to marketing property, and even if you do, you probably won’t have the network of contacts that is essential when selling a house. There are a core of local estate agents with a concentration of houses for sale in Sheffield. These estate agents can increase the exposure your house gets in a relatively short space of time. They will also negotiate on your behalf, manage property viewings and see the transaction through to completion. What estate agents can’t do, however, is offer any guarantees about when your house might finally be sold. Even if you do manage to secure a fair offer, there is always the chance that your buyer could pull out at the last minute. If you need a quick sale, with a degree of certainty surrounding a completion date, allow us to buy your house in Sheffield from you. We have a proven track record in buying properties in the area for as much as 100 percent of their true market value, and our market-leading service means you won’t have to put yourself through the rigours and stress of the open property market.
Selling your Sheffield home according to the time of year
A recent report published on the Home website pointed to a marked change in property buying habits. Traditionally, the most popular times of year to purchase property have been the latter stages of winter and the first few weeks of autumn. These are times when the expense and distractions of Christmas and summer are some way off. However, the busiest month for house purchases in Sheffield was December in 2013. This suggests that the property market in the city started to bounce back from the doldrums towards the end of the year. Opinions are divided on whether or not selling your house at a particular time of the year will affect its final sale price. However, property buyers will have different outlooks, priorities and distractions at different times of the year, so marketing your house according to the seasons is always a wise move.
The various mini-markets within the Sheffield property market
Like most cities and major metropolitan areas in the UK, Sheffield has its sought-after areas and its fair share of deprived neighbourhoods. It stands to reason that house prices will fluctuate hugely across such a massive city, but what is currently happening in Sheffield is a little more complex than that. Areas that have traditionally suffered with high crime rates and social problems, and those with high numbers of immigrants, are barely witnessing any sort of recovery in the housing market. Indeed, property website Market Oracle recently published a map of the city that demonstrates huge swathes of the city are still suffering from property price decreases. Adversely, there are areas of this extensive conurbation that are thriving – a phenomenon illustrated in a recent article published in The Star. One property expert described the housing market in Sheffield as being ‘on fire’. Highly sought-after areas are at the top of property buyers’ wish-lists. Districts such as Millhouses, Dore, Fulwood and Lodge Moore have been enjoying rises in average property values of up to ten percent – far outstripping the average for the city.
What is currently influencing property values of houses for sale in Sheffield?
Sheffield’s economy isn’t has diverse as it is in the likes of Manchester and Leeds, so not only is the city one of the first to suffer the effects of recession, it is one of the last to emerge from it. Unemployment has been high, consumer spending has been down and output has been slashed. In a city where manufacturing and the service industry are integral to the local economy, these factors have an inevitable effect on average property values. However, the first half of 2014 demonstrated that house values in Sheffield have now turned a corner. If you want a current and accurate reflection of house prices according to the specific areas of Sheffield, the local council publishes a very useful housing report on a quarterly basis. This has obvioulsy taken into account the type and number of sold and houses for sale in Sheffield. Indeed, it is Sheffield City Council that is driving a number of development schemes forward throughout the region, including a multi-million-pound project to create the city’s first dedicated retail district. Should this plan – and many more like them – go ahead, Sheffield can look forward to increasing employment during the next few years, as well as steadily rising house prices.
Sheffield is a city on the up, and its history of manufacturing and heavy industry is currently holding it in good stead. With a population of around 550,000, it is the UK’s sixth largest city, and it is still the centre for steel production in the UK – a full 250 years since the art of steel production was perfected in the region. Indeed, this part of the UK played a critical role in the Industrial Revolution, which has left a lasting legacy.
Sheffield today is very different, but it is still one of the manufacturing powerhouses of Britain. Unfortunately, manufacturing is always the first industry to suffer during times of recession, and the last to recover afterwards. Despite recent setbacks, the city’s economy is now well on the road to recovery, and the local property market is going along for the ride.
Sheffield and the wider South Yorkshire area have a proud industrial past, but the area’s future is one associated with a love of the arts, sports and science. There are remnants of the role played by Sheffield during the Industrial Revolution scattered throughout the city, and many of them are now very popular tourist attractions. However, it is the city’s association with steel production that is probably most widely recognised. Sheffield was a pioneer of steel mass production techniques during the 1700s, and many of the methods local steel merchants perfected back then are still very much in operation today.
Wherever you turn in this great city, evidence of its industrial past is clearly evident. Of course, there is far more to Sheffield that manufacturing and industry. The city has a thriving arts scene, and its galleries and museums are well renowned and broadly respected. The likes of the Millennium Gallery, the Yorkshire Artspace and the Graves Art Gallery are attracting visitors from all over the world. The iconic home of snooker’s World Championship is the city’s Crucible Theatre, and a selection of lavish stage productions can be seen at the beautiful Lyceum Theatre. For lovers of pop and rock music, the O2 Academy is most definitely the place to be. This vast city is also associated with sporting achievement – demonstrated in 2012, when Sheffield lass Jessica Ennis-Hill claimed gold for Great Britain in the Heptathlon.
Sheffield is also home to three impressive sporting arenas: Hillsborough Stadium, Brammall Lane and the Motorpoint Arena, as well as impressive Olympic training ground the English Institute of Sport. From the city’s huge selection of exclusive restaurants and bars to its wealth of cultural attractions, Sheffield is a fantastic place for work and play. There is no doubt that the people of Sheffield have had it tough in recent years. A struggling economy and high unemployment have blighted most neighbourhoods in the city, and the green shoots of recovery are only just starting to emerge. The great news for you as a home owner it that this could be a great time to realise your biggest asset – your home.