Sheffield one of hottest house sales cities during stamp duty holiday
Sheffield was one of hottest cities for property deals during the stamp duty holiday after it clocked up almost 5,000 sales in 11 months.
The figure put the city in the top 11 areas for houses sold from May 2020 to June 2021, when the stamp duty holiday ended for deals below £500,000.
Sheffield recorded 4,852 sales as demand outstripped supply in what agents described as a competitive market.
The figure comes from analysis of Land Registry sold price records by the estate agent comparison site GetAgent.co.uk and its report shows that 590,200 transactions took place across England with an average sold price of £268,500.
The average in Sheffield was £191,000 with some deals taking less than two weeks to complete.
The South East was by far the hottest region from a transaction standpoint, with 107,919 property sales completing to date, with the North West second at 79,222 and East of England third at 70,893.
At district level, Leeds leading the way with 8,580 transactions since the launch of the stamp duty holiday, with Birmingham second at 8,269 and Cornwall third at 7,328.
In terms of the highest sold prices since the launch of the stamp duty holiday, London predictably ranks top with an average of £500,000.
Hardly surprising, then, that London also accounts for 17 of the top 20 most expensive property markets in terms of the average price of homes sold.
Founder and CEO of GetAgent.co.uk Colby Short said: “We’re used to seeing London dominate where property prices are concerned and despite the region seeing the lowest increase in house prices over the last year, it continues to lead in terms of the highest sold prices achieved.
“However, the wider impact of the stamp duty holiday has been a huge boost in transaction levels and this has been felt pretty much across the board with more than 85% of the nation seeing at least 1,000 homes sold since July of last year.”
The stamp duty level is now at £250,000 and homes which fall below that are in demand, including a three bedroom terraced house on Rosedale Road, off Ecclesall Road, for sale at £230,000 with Purplebricks.
Local property expert Luke Williams said: “This is a fantastic area for young professionals and first time buyers. You are within a 30-second walk of Ecclesall Road's shops, cafes, pubs and bars, and near to the universities, hospitals and Sheffield city centre.
"This is another area which is great at increasing in value. Generally, most properties are selling around five to ten per cent above asking price, so I would advise buyers to focus on searching for properties five to ten percent below their top budget. This way they can be competitive if the property is taken to best and final offers.”
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