Sheffield Housing Crisis? Only 1.1% of Sheffield Homes Are For Sale
The Sheffield Property Market continues to disregard the end of the world prophecies of a post Brexit fallout with a return to business as usual after the summer break.
The challenge every Sheffield property buyer has faced over the last few years is a lack of choice – there simply hasn’t been much to choose from when buying (be it for investment or owner occupation). Levels are still well down on what would be considered healthy levels from earlier in this decade, as there is still a substantial demand/supply imbalance. Until we start to see consistent and steady increases in properties coming on to the market in Sheffield, the market is likely to see upward pressure on property values continue.
For example, in the last month or so, S5 has seen an average of 110 new properties coming on to the market, not bad when you consider for the last year the average has been in the region of 60–80 properties. With the average Sheffield property value hitting a record high, reaching almost £187,500 according to my research, this shortage of properties on the market over the last two years has contributed to this ‘fuller’ average property figure.
As I write this article, 1.15% of Sheffield properties are up for sale. In terms of actual chimney pots, that equates to 1,815 properties on the market in Sheffield (within 4 miles of the centre of Sheffield) – which, when compared to only a year ago when that figure stood at 1,864, is a slight decrease in the number of properties available to buy. Split down into the type of property, it makes even more fascinating reading…
- Detached Properties in Sheffield – 311 on the market a year ago compared to 228 on the market now – a decrease of 27%
- Semi Detached Properties in Sheffield – 577 on the market a year ago compared to 610 on the market now – an increase of 6%
- Terraced Properties in Sheffield – 355 on the market a year ago compared to 414 on the market now – an increase of 17%
- Flats / Apartments Properties in Sheffield – 542 on the market a year ago compared to 511 on the market now – a decrease of 6%
This is evidence of strength in the Sheffield housing market that many didn’t expect. Many believed that the Sheffield property market wasn’t going to be strong enough post Brexit – as what was a sellers’ market before the Brexit vote and Buyers’ market in the early months after it, may now be somewhere in between and the market might just be coming back into balance.
However, all this will mean property values won’t continue to grow at the same extent they have been over the last 12 to 18 months, and in some months (especially on the run up to Christmas and early in the New Year), values might dip slightly. This won’t be down to Brexit but a re-balancing of the Sheffield Property Market – which is good news for everyone.
For more thoughts on the Sheffield Property Market, please visit the Sheffield Property Blog, https://sheffieldpropertyblog.com
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