Are you planning to sell a property in Sheffield this year? If so, you might be wondering how long it could take to secure a buyer and complete the sale. Although the Sheffield property market is ever-changing, we’re on hand with the latest data to help you gauge what to expect when trying to sell your property. Many people report feeling anxious about the amount of time it could take to sell their property. Hopefully, this data will alleviate any concerns you may have. But if you’ve already had trouble selling your property, we’ll suggest an alternative to selling on the open market.
Does the value of a property affect how quickly a house sells in Sheffield?
Property value can certainly affect the time it takes to complete a sale. In this regard, Sheffield is no different from anywhere else in the UK.
In the last 90 days, the average property sold in the under £100,000 price band spent 139 days on the market. This is the longest amount of time out of all 7 price bands that were assessed. The reason for the relatively slow selling times is likely that many of these properties are flats. All over the country, the flat market has been going through a tough time since the 2017 Grenfell Tower tragedy. Many flats are seen as undesirable unless they have a perfect cladding rating. In certain locations, there is less demand due to high rent prices, so landlords are reluctant to invest.
When it comes to properties valued at £100,000 to £200,000, the wait times are considerably lower. In the last 90 days, properties sold in this price band only spent 86 days on the market. The next band of £200,000 to £300,000 was slightly higher at 91 days.
If your Sheffield property falls into either of the following price ranges, you can breathe a sigh of relief. Chances are you won’t be waiting long for a sale. The £300,000 to £400,000 and £400,000 to £500,000 price ranges saw properties sold in just 75 days and 74 days, respectively. Generally, properties in areas like Nether Edge, Broomhill and Crookes will fall into these categories. These are popular areas due to their safety and access to good schools.
The £500,000 to £1,000,000 band sees properties sell at a similar speed. 81 days on average. Properties in this range are generally those found in the more affluent areas of Sheffield like Dore, Ranmoor and Fulwood. Property here is well sought after due to the quality of life in the area and capital growth potential for investors. Properties priced over £1,000,000 take on average 136 days to sell. However, there were only 11 sold in the last 3 months, which is a small sample size.
Keep in mind, the data used is from the last 90 days, and it includes the length of time from the property being listed until it was sold. Therefore, this data may not be a conclusive way to judge how long you could be waiting as it doesn’t include properties that were on the market but didn’t manage to get sold.
Does property type affect sale speed?
As it happens, property type does influence the speed at which a property can be sold. The property type that takes the most time to sell is, you guessed it, flats.
As we said earlier, the flat market isn’t at its best right now. That’s further evidenced in Sheffield by an average wait time of 144 days before a flat is sold on the open market. That said, there’s still demand for flats in the up-and-coming areas of the city centre like Kelham Island and St. Pauls. But in some other areas, selling could be a challenge.
Don’t make the mistake of thinking selling on the open market is your only option, though. With We Buy Any Home, it’s easy to sell your house fast in Sheffield. No long wait times. No fees. No stress.
It might surprise you that there’s almost no difference between the selling times of semi-detached and terraced houses. The two property types clock in at 75 and 76 days respectively, according to recent Home.co.uk data.
How about detached houses? Well, if you’re looking to sell one of these you can expect an average selling period of 89 days. Compared to other towns and cities in Yorkshire, this is a relatively short time to sell.
Does the number of bedrooms impact the speed of a sale in Sheffield?
When it comes to selling a property, we’d all like it to be done and dusted in a quick time with minimal stress. But the number of rooms in a property is another factor than can affect how long it takes to get sold.
Based on what we’ve discussed so far, you’d probably guess that properties with one room are some of the slowest to sell. And you’d be correct. In Sheffield, a one-bedroom property will spend 173 days, almost half a year, on the market before it’s sold. Two-bedroom properties, of which some will be flats but many will be other property types, take far less time. On average, homeowners will only have to wait for 94 days until a sale is completed.
Three and four-bedroom houses get snapped up quickly in Sheffield. On average, they’re sold after just 75 days on the market. Many of these properties will be located in the most desirable parts of Sheffield, which are generally on the western side. On the other hand, large five-bedroom homes take 117 days to sell. However, there was only a small sample, with just 42 having been sold in the last 90 days.
As you can see, many factors affect the time it takes to sell a property in Sheffield. But, all in all, Sheffield is becoming an increasingly popular city. And it’s no wonder because it offers so much to virtually all demographics. We’ve not covered everything but hopefully, this post will give you some idea of the time you could be waiting to sell in Sheffield.