Sheffield housing market in best shape since recession began

James Mee, Managing Director of Saxton Mee
James Mee, Managing Director of Saxton Mee

Sheffield’s housing market is booming – and estate agents say 2014 was the best year for sales since the financial crash.

Agents in the city said they sold more homes in 2014 than in previous years, despite the average cost of a home in Sheffield rising by more than £14,000.

New statistics from mortgage provider Nationwide show the average cost of a home in Sheffield at the end of last year was £192,095 – an eight per cent rise on 2013.

In South Yorkshire, the average price was £147,084, a seven per cent rise on the year before.

However, the picture was bleaker for Yorkshire and Humberside.

The region was the weakest performing in England, with prices up 1.5 per cent in 2014.

Despite the mixed picture, estate agents in Sheffield said the city was bucking the regional trend and the market is in its strongest position for years.

Lisa Sharp, branch manager of Reeds Rains in Sheffield city centre, said they had their best year to date, with an increase in parents snapping up apartments for their children to live in while studying at one of the city’s two universities.

She said: “It has been the best year in terms of sales. This branch has been open three years and this is the first year we have hit all our trigger points from a company perspective.

“In terms of prices, we have probably seen it pretty stable. Looking ahead I think it will probably plateau.

“The biggest market for us at the moment is investors. Mums and dads are buying for their children. They are taking on the mortgage or getting their child to take on the mortgage with their student loan.

“They are seeing it as an investment. When buying, they either want to know the capital growth over so many years, or what the rental yield will be.”

James Mee, managing director of Saxton Mee, said: “Sheffield has had a strong year and it has probably been our best year since the crash.

“December was particularly buoyant, which is surprising for the end of the year. We have people looking to buy property in more popular areas. These tend to be in the catchment areas of schools and the south west of Sheffield.”

He added: “Sheffield does buck the trend a bit, which is helped by the universities, the hospitals and its proximity to the Peak District.”

However, Steve Hinshelwood, managing director of Blundells, urged caution.

He said: “In 2014, we definitely saw an increase in volume and transactions, but the overall price growth isn’t consistent across the city.

“The price growth in Sheffield is being influenced by the extremely high levels of demand in the south-west area of the city.”

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