COLUMNIST: Demand for homebuyers in Sheffield to remain strong
Now we have hopefully got over the bad weather and we are into the spring, the property market traditionally improves and what can we expect in the Sheffield area?
Mortgages are readily available to those with a good credit history and who pass the affordability requirements.
The interest rates are at record lows in many cases and up to 95 per cent loans are available again.
With employment levels rising and incomes now increasing higher than inflation the demand from homebuyers is likely to remain strong for the rest of the year.
With monthly rents often being higher than mortgage payments it makes more sense to buy if you can raise the necessary deposit.
There are many diverse areas in Sheffield which results in a fragmented market between north and south, landlord/investors and owner occupiers, city centre and outskirts.
The most popular and desirable areas have for many years been the southwest of the city with post codes S10, S11 and S17.
Small terraces can start around £150,000, semis around £225,000 and detached £320,000.
However terraces can be up to £350,000, semis £650,000 and detached £2,000,000 so a large variation.
These areas are in high demand from professionals eg doctors, lawyers, accountants etc and most properties sell very quickly.
The north eastern part of the city with post codes S3, S4, S5 and S9 are not as popular but considerably cheaper.
A first time buyer could purchase their first home for less than £100,000 and their mortgage payment would be only half of the rent they may pay elsewhere.
For many buyers the middle areas will be the best choice.
Woodseats (S8) and Hillsborough (S6) have a plentiful supply of homes at reasonable prices, excellent shopping centres and amenities like parks and public transport.
Another up and coming area to consider is Walkley which has a large variety of all types of houses, is only a few minutes away from the university, hospitals and city centre, but is considerably cheaper than Crookes just up the road.
Apartments and city living have hugely expanded over the last ten years with a high proportion purchased by investors to rent on average between £600 and £950 a month.
If you are looking to live there yourself look carefully at the service charges and ground rent which can be very expensive compared with no service charge on a house and small or no ground rent payable.
If city living is for you, then Kelham Island is now the ‘go to’ place being close to the city centre and with plenty of restaurants, pubs etc.
So with property available from £60,000 to £2,000,000 in Sheffield and a plentiful supply of mortgages at low rates this spring is an ideal time to be purchasing your home.