There’s been plenty of content in the media these past few months, mainly focussed on rising inflation and the increased cost of living largely driven by unprecedented increases in energy prices. Most recently, the Bank of England has applied several but measured increases to interest rates adding more pressure to the cost of living crisis. Financial markets expect the Bank of England to raise interest rates to 3% with an expectation of a marginal cut to 2.75% by the end of 2023.
Sheffield is a magnificent city in the north of England. It is conveniently located close to Manchester, Leeds & Nottingham and has excellent transport links to the M1 motorway nearby and rail services direct to London and beyond. Sheffield offers a great environment for families, affordable housing, city centre shopping and the Meadowhall Shopping Centre, excellent job opportunities, the Peak District, parks, local entertainment and access to 2 internationally recognised universities. It really is no little wonder why there is so much demand for housing as people move to Sheffield for a better lifestyle.
Amidst the economic challenges we face and increased demand for houses in Sheffield, people often ask us what impact is this having on house prices, trends and market activity in general?
In August 2022:
- Property prices in the UK are down 1.3% this month. The average price of property coming to the market dropped by £4,795 to £365,173. However, this drop is on par with the average August price drop over the past ten years, so more likely due to the summer holidays rather than rate rises.
- Despite the interruption caused by the Pandemic, buyer enquiries to agents are 20% higher than 2019.
- Demand for houses is high but supply is lagging. New listings are up by 12% on the same period last year. Available houses for sale are down 23% on 2019.
SHEFFIELD – ON THE MOVE
How does the Sheffield housing market compare to other cities in the North nearby?
The following table shows that Sheffield is definitely the place to be as the housing market here outperforms all other cities nearby:
| City By Population | Average Asking PriceJuly 2022 | Average Asking PriceGrowth | Time To Find A Buyer (Days) |
| SHEFFIELD | £230,755 | 12.5% | 26 |
| Manchester | £252,853 | 11.9% | 29 |
| Nottingham | £244,965 | 12.4% | 31 |
| Leeds | £265,688 | 10.8% | 29 |
| Liverpool | £203,178 | 11.3% | 34 |
| Hull | £153,312 | 7.1% | 30 |
| Newcastle | £208,956 | 7.7% | 27 |
* Courtesy of data provided by Rightmove
COULD THIS BE THE TIME FOR YOU TO TAKE ACTION?
Whether you are you looking to move to Sheffield and would like to tap into some local knowledge of our great city or maybe you already have a home in Sheffield and are thinking about moving or simply want to know what your property could be worth on the market today, call us now on 0114 470 4715 for a chat or e-mail sheffieldwest@nicholashumphreys.com Our office is open 7 days a week from 8am to 8pm.
