A wave of uncertainty has swept over the UK housing market this year. But what’s happening in Sheffield? In this post, you’ll learn about the demand for property in the Steel City in 2023.
A rundown of the housing market in Sheffield
It’s a mixed bag. The Steel City has seen the average asking price for a property drop by 1.2% in the past six months, according to property company GetAgent.
On top of that, the most recent Land Registry’s UK house price index has the average Sheffield house priced at £207,699. It’s a considerable drop-off from the all-time peak of £222,808 in November 2022.
By all accounts, the volume of sales is also down in Sheffield. In April 2023, sales were at their lowest since early 2009, which was the peak of the UK’s Great Recession (this excludes the early pandemic period when the market essentially froze).
These statistics paint a picture of reduced demand for housing in Sheffield. But in this respect, Sheffield is not an outlier because the wider UK housing market has struggled this year.
In August 2023, two of the UK’s biggest mortgage lenders released their latest data on house prices. Compared to August 2022, Halifax found that house prices had fallen by 4.6%. More alarmingly, Nationwide pinpointed a 5.3% annual drop.
It’s the sharpest annual fall in house prices since 2009. Why has it happened?
After the pandemic house-buying frenzy, people are steering away from homeownership due to high mortgage interest rates. The Bank of England has bumped the base rate up to 5.25% and looks set to go higher before the year ends. It means borrowing money is more expensive. For first-time buyers, even the best fixed-rate mortgage deals are between 4.88% and 6.84%, according to Mortgage Introducer. It’s a far cry from the mid-2010s when first-time buyers could lock in for 2 years at an interest rate below 1%.
With this in mind, it should be no surprise that mortgage approvals and house sales are down throughout the UK. But how bad is it really in Sheffield?
As it stands, things could be much worse in Sheffield. It certainly isn’t one of the areas worst affected by the housing marketing slump. Here’s why.
Despite house prices and sales falling, the price of sold properties has actually gone up in Sheffield. Compared to the previous year, they’re selling for 10% more on average. So, while fewer properties are being sold, the ones that are selling are going for more.
It suggests that demand is still strong for certain property types and in specific areas of Sheffield. While for others, asking prices are being lowered to try and stir up demand.
The best places to sell a property in Sheffield
We’ve taken a look at the latest Rightmove data to find the places where sold prices have gone up in Sheffield. These areas are going against the UK’s housing market trend and may be places where selling is easier.
You’ll notice a recurring theme in most of these locations. They are desirable areas with good local schools, green space and low crime rates. Housing in such areas will almost always generate strong demand regardless of the state of the wider housing market and national economy.
The southwestern suburb of Sharrow Vale has experienced an explosion in house prices since 2020, up a whopping 35%. Over the last year, sold prices have increased by 10%. Currently, properties in Sharrow Vale have an overall price of £361,589.
The large village of Loxley enjoys beautiful natural surroundings as well as steady growth in house prices. Over the last year, properties have sold for an extra 11%.
Handsworth is an affordable area with a notable increase in house prices this year. Houses in the up-and-coming suburb sold for 8% more than last year.
Up 12% on the previous year’s selling prices, houses in Wadsley are in demand. The suburb lies northwest of the city centre and boasts a good selection of amenities and schools. The average house price of £235,417 is under the Rightmove average for Sheffield, which is currently £244,013.
Crookes is a popular student area and therefore attracts many astute property investors. As a result, the area sees a steady growth in house prices year-on-year. 2023 is no different. Compared to last year, the sold prices are up 8%.
An affluent suburb enveloped in Sheffield’s famous countryside, Fulwood is consistently voted one of the best places to live in Sheffield. That’s why it comes as no surprise to see another jump in house prices over the last year. The sold price has gone up by 15% in that time.
Another posh area in Sheffield, Whirlow has the highest average house price on the list at £704,586. Over the last year, the sold prices have also increased by 15%.
Greystone’s is a typically serene and eye-catching suburb on the west side of Sheffield. House prices have seen sizeable growth since 2020. In the last year, sold prices have increased by 10%.
How to sell a property in Sheffield
Selling in some parts of Sheffield will clearly be easier than in others. Regardless, there are plenty of things you can do to enhance your chances of a sale. For instance, you can strategically stage and market your home. It’s also vital to find the right estate in Sheffield for you.
Sadly, there’s only so much you can do to improve a property to increase its chances of selling. Location will always be the most important thing in real estate. Properties in undesirable parts of Sheffield are largely the ones to have decreased in price in 2023.
Selling them is not impossible, though. If you’ve struggled to sell your house in Sheffield, you no longer have to pin all your hopes on the open market. We Buy Any Home is Sheffield’s number one cash buyer for a reason. We buy every type of property regardless of its condition or location. You can even sell us a tenanted property. To explore selling to us, get a free quote today.