Sheffield Property – A Guide to The Local Property Market

Sheffield Property - A Guide

Sheffield Property – A Guide to Selling in Steeel City!

The Independent named Sheffield as one of the 12 most ‘liveable’ cities in Britain, despite the fact that the same article reported that house prices in Sheffield showed absolutely no movement in 2013. Things are moving in the right direction now, however, and the next few years could be a great time for houses for sale in Sheffield.

If you’re contemplating a foray into the property market, and you need to sell your house fast in Sheffield, Flying Homes can find a buyer in a fraction of the time it takes on the open market.

Setting a realistic asking price for your Sheffield home

After a turbulent time for homeowners in Sheffield, there are several indicators to suggest that the market is showing signs of sustained growth for the first time since 2008. Indeed, ITV’s Calendar recently reported that house prices throughout the area are on the rise. In February 2014, the average house price in the city was reported to be nearly £117,000 – up three percent on the year before. But despite these promising statistics, approaching a house sale with caution and a realistic pricing strategy is essential if you want to sell your house quick in Sheffield.

One of the biggest obstacles to the speedy conclusion of a property sale in Sheffield is an unrealistic asking price. Regardless of what you originally paid for your home, or what it was worth a few years ago, it is only worth what someone else is willing to pay for it. Set your price expectations too high, and you may struggle to create a demand for your property. But set your initial asking price to low, and there is a chance that you’ll struggle to achieve what your house is really worth.

If you need to sell your house quickly in Sheffield, then there is no substitute for researching the local property market. You need to be sure what is achievable in your specific area of the city – something you can ascertain by referring to sites such as Rightmove and The Land Registry. You can check recent house sold prices in your neighbourhood, and compare various transaction statistics. You will also find up-to-date information on Sheffield house prices by using Zoopla’s house price analysis tools.

Marketing a house for sale in Sheffield

After a turbulent few years in the Sheffield property market, homeowners now have genuine reason to be optimistic. House prices are showing signs of modest growth – albeit it belatedly. According to a recent article on the MailOnline website, prices throughout the UK are expected to soar as the economy gets back on track, and Sheffield – which according to the same article enjoyed a ten percent rise in house prices in 2013 – is expected to benefit more than most northern towns and cities.

It is important not to get carried away with headline statistics, however. Sheffield is a city that is heavily reliant on low-paid, manual labour and the services, so there are certain areas of the city that are faring better than others. In order to find a buyer for your house, and secure a decent price, you will need to make sure it is marketed by the right person.

Of course, you can tackle the market yourself, but you’ll need to be ready for a great deal of stress. You will also need to research how the market works, the nuances of the Sheffield property market and what constitutes a fair price for your home. A far easier, quicker and more profitable way to sell your house is to hire the services of an estate agent. This is because they can tap into a pool of potential buyers who have a specific need for properties like yours. They will have a network of marketing contacts and an intrinsic knowledge of the local market, which allows them to hit the ground running when it’s time to put your property up for sale. You will find a list of Sheffield estate agents on the Rightmove website.

However, it is worth remembering that, should you need to secure a quick property sale in Sheffield, a range of issues can delay or ruin your plans. Property chains, rejected mortgage applications or a buyer’s change of mind are just some of the factors that can delay a property sale. So, if you want to avoid the pitfalls of selling on the open market, Flying Homes can buy your house without delay. We are expert property buyers who allow you to bypass the volatile property market in Sheffield.

Choosing the best time of year to sell a house in Sheffield

Many house buying companies and estate agents are wary about pointing to a particular time of year that is best suited to selling a home. Sheffield is a major English city, which means its property market follows the same patterns as other urban areas in the country. There is anecdotal evidence to suggest that more buyers are on the market for property during the latter part of winter and the early part of autumn. However, statistics released on the Home website seem to contradict that school of thought. Indeed, December was the busiest month for house sales in 2013, which is highly unusual given the distractions and expense of Christmas. This statistic may point to the fact that the property market started out weak in 2013, before recovering strongly towards the end of the year.

The various property markets within Sheffield

The industrialised nature of Sheffield, and its reliance on unskilled labour, means it is always one of the last urban centres in England to recover after a recession. Whilst there are some areas of the city enjoying strong house price growth, other parts of Sheffield are actually still in decline. And though it may seem that this is an ideal time to sell a house in the area, there are areas that seem to be destined for several more years of stagnating property values. According to a recent article on Marketoracle.co.uk, certain areas of Sheffield have struggled to cope with high rates of immigration. However, other areas (mostly in the south east of the city) have already recovered, and they now have average house prices that are close to 2008 levels.

It seems quite astonishing that a UK city can have so many different ‘mini markets’ working in tandem at the same time, but that is exactly what is happening. A recent article on The Star website quoted a local property specialist as saying that the Sheffield housing market ‘is on fire’. He reserved a special mention for the likes of Fulwood, Dore, Millhouses, Norton and Lodge Moor as areas that are in high demand amongst buyers. If you are about to sell your house in Sheffield, you should pay particular attention to house prices in your street, as The Star’s article also suggests that there are significant price differentials between areas within the same postcode.

What factors influence house prices in Sheffield?

Parts of Sheffield and Humberside suffered some of the highest rates of unemployment in the UK during the last recession, and things have been relatively slow to improve. However, rising house prices in the south east and north west have finally trickled down to South Yorkshire, and Sheffield house prices are experiencing annual house price rises of around ten percent in certain areas.

Sheffield City Council publishes a housing report on a regular basis, which details how the market is performing in the city during each quarter of the year.

Indeed, the local authority and various business forums in the area have been proactive in getting the economy moving in recent years, and a number of business and retail developments are expected to create thousands of jobs over the course of the next decade. For some years now, Sheffield has been aspiring to become a major retail and business centre in the north to rival Leeds and Sheffield, and news of a new shopping quarter for the city will increase confidence amongst property buyers and investors. The £300 million development is expected to create 2,500 long-term jobs, and that probably means good news for house prices in the region.

Interesting facts about Sheffield

Sheffield – or the Steel City as it is sometimes affectionately known – is located in South Yorkshire. It has a population of just over 550,000 according to the 2011 census, which makes it the sixth largest metropolitan area in the UK. Few cities are steeped in a history of manufacturing and industry in the way Sheffield is, and its affinity with the steel industry is still very much in evidence to this day. Unfortunately, Sheffield was hit hard during the recent recession, and according to several experts, its recovery is slow and uncertain.

Sheffield grew quickly during the 17th and 18th centuries on the back of a burgeoning international demand for steel. Indeed, the city was once the world’s most prolific manufacturer of steel at one point, and its most famous export was used to build many of America’s railways and buildings. Sheffield is now a modern, growing metropolitan area, but its economy still relies on countless visitor attractions, examples of stunning architecture and world-class leisure facilities. Whether you are moving to Sheffield or simply visiting for a while, there is a great deal to do and see.

The arts are a very important part of Sheffield’s identity, which is why the city is home to so many world-class galleries and theatres. The Graves Art Gallery, the Millennium Gallery and the Yorkshire Artspace are just three of Sheffield’s prestigious visitor attractions. The internationally renowned Crucible Theatre and Lyceum Theatre host a range of stage productions and concerts, while the O2 Academy plays host to some of the biggest pop and rock artists in the world.

Of course, Sheffield has a rich and prestigious history, which is steeped in industry and innovation. Among the vast array of visitor attractions dedicated to the city’s history are the Shepherd Wheel, the Heritage Boat Trail, The Portland Works and the Abbeydale Industrial Hamlet. And if you want to delve back a little further into Sheffield’s past, Sheffield Manor Lodge and Beauchief Abbey are well worth a visit.

Sport is also a major part of Sheffield’s identity. Not only is the city home to two major professional football clubs (Sheffield Wednesday and Sheffield United), it is where you’ll find the Motorpoint Arena, which plays host to basketball and ice hockey – as well as regular pop concerts.

The property market in Sheffield is finally showing signs of life, and the next few years could represent a great time to sell your property. But make no mistake; getting the right price and achieving a speedy sale of your house in Sheffield is still a relatively challenging task.

You can bypass all of this uncertainty and stress by allowing us to find a buyer for your house today. We have access to investors and property buyers who are willing to pay up to 100 percent of your home’s current value, and many of them can get the ball rolling on a purchase today. We hope you have enjoyed our local Sheffield property guide, call Flying Homes ‘Property Buyers’ today on 0800 68 99 420 for more information on buying or selling a home.