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It was a fairly slow start to 2018 compared to last year’s brisk first quarter. We have apportioned this to the uncertainty around Brexit and the harsh winter weather. In the early months of 2018, there was also a sizable fall in the number of new instructions compared with previous years. The reduction in stock coupled with an increase in buyer demand has held house prices with marginally positive increases.
In the coming months, it is more than likely to be more of the same with the majority of people having a desire to move, but opting not to bring their home to the market unless they first see a property to entice them – it’s a classic catch 22 scenario.
The balance between a buyers and a sellers market has almost certainly tipped in favour of the sellers with demand on the up and the supply of available homes falling. The current economical climate has created a price sensitive market, buyers are staying away from overpriced property and are more inclined to view and purchase homes with more realistic sale prices.
Our view is that we are likely to continue to see small house price growths throughout the year. It is inevitable that the housing market will experience peaks and troughs, but overall we would expect annual prices to rise by around one per cent across the year.
The market in Sheffield is also likely to fluctuate depending on postcodes. The South West of Sheffield is likely to remain Sheffield’s number one property hot spot. S10, S11, S17 and S32 postcodes could even achieve up to a four per cent rise in property prices driven by the desirable housing, school catchments and their proximity to the Peak District National Park.
During 2018, the most popular option for potential sellers is to focus on achieving the highest price for the lowest fees. We would advise any potential seller to choose the agent who will work with them to receive the best service and advice to ultimately achieve the best possible price for their property within their preferred timescales.