In a bid to tackle high inflation, the Bank of England raised its policy interest rate by ¼% to 5.25% in August 2023, marking a 14th consecutive increase and bringing borrowing costs to fresh 2008-highs.
There’s much speculation on how interest rate rises will affect the housing market and at Nicholas Humphreys (Sheffield West), we are closely monitoring trends and how these can impact house prices.
How has the property market performed in Sheffield in the last 12 months?
Properties in Sheffield had an overall average price of £243,985 over the last year. In general, sold prices in Sheffield over the last year were 12% up on the previous year and 21% up on the 2020 peak of £202,128.
At Nicholas Humphreys (Sheffield West), we have gone the extra mile to help homeowners find new and innovative strategies to help sell their houses. We have seen a significant uplift in properties being sold at auction and sold prices achieved in excess of reserve prices.
Our friends at Pattinson Auctions have reported a 25% growth in new auction instructions compared to the same period last year. This has brought about increased property sales resulting in mortgage buyers securing their dream home in much quicker time.
Is Buying & Selling property at Auction a good idea?
There are tangible advantages to buying and selling property at auction resulting in significantly reduced time to completion for mortgage buyers from offer acceptance (56 days maximum), and in most cases, just 28 days. Compare this to the traditional For Sale method where conveyancing timelines are delaying completions in many cases anywhere between 12 to 20 weeks! Buying and selling a property via auction allows both purchasers and sellers to complete on a transaction in a fraction of the time to what is typically expected on the open market.
Have you found your dream home but not ready to buy because your house has not sold yet?
Could Bridging Finance be an option worth considering to prevent missing out on your forever home? This is becoming a more popular and viable option for purchasers to ensure they do not miss out on any auction lot they have identified as a potential purchase.
Contact us on 0114 470 4715 for a chat to explore the benefits of buying and selling via auction. We can introduce you to our friends at Pattinson Auctions giving you access to a number of auction finance specialists who are on hand to assist.
Our office is open 7 days a week from 8am to 8pm.
