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S10, S11, S7 and S8 (at least all the good parts) are currently ludicrously competitive. I've been outbid on many terraced houses by tens of thousands on asking prices in the 200s and low 300s. Been the same for 12 months. Crazy. My offers have been well over asking.

Money seems to be coming from parents and grandparents.

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S10, S11, S7 and S8 (at least all the good parts) are currently ludicrously competitive. I've been outbid on many terraced houses by tens of thousands on asking prices in the 200s and low 300s. Been the same for 12 months. Crazy. My offers have been well over asking.

Money seems to be coming from parents and grandparents.

Well also the Universities and hospitals employ a lot of people, many of whom will earn 40k+. For a couple they might easily have 80k+ to bid on houses with. At the same time most new builds I have seen are not in the popular middle class areas, so there is no new stock.

I've noticed its only the quite good places that go within a few weeks. Houses that need work doing (redecorating, new kitchen) seem to stick a long time and only go to STC after a good few months (often after a price drop).

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The houses which struggle tend to have poor layouts or more serious strictural issues. The classic terraced house is in high demand, more so than somewhat more recent builds. I've not seen any suitable bargains which need a lot of work in five months.

Two properties today are off to closed bids with 8/3 bidders and already 20/10k over asking. It's the slightly larger houses which are favoured. A few sq ft adds 20-30k.

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The houses which struggle tend to have poor layouts or more serious strictural issues. The classic terraced house is in high demand, more so than somewhat more recent builds. I've not seen any suitable bargains which need a lot of work in five months.

Two properties today are off to closed bids with 8/3 bidders and already 20/10k over asking. It's the slightly larger houses which are favoured. A few sq ft adds 20-30k

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  • 2 months later...

my sons looking to buy at the moment ive told him to forget it at the present time, the ea are flogging the typical garbage at em cos theyre young

oh its the right time, oh you must act now,,etc etc etc

admitidley they do seem to be selling quickly if theyre immaculate, but i fear a big correction is coming

i fear for my kids getting conned by e a talk

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my sons looking to buy at the moment ive told him to forget it at the present time, the ea are flogging the typical garbage at em cos theyre young

oh its the right time, oh you must act now,,etc etc etc

admitidley they do seem to be selling quickly if theyre immaculate, but i fear a big correction is coming

i fear for my kids getting conned by e a talk

Postcode?

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my sons looking to buy at the moment ive told him to forget it at the present time, the ea are flogging the typical garbage at em cos theyre young

oh its the right time, oh you must act now,,etc etc etc

admitidley they do seem to be selling quickly if theyre immaculate, but i fear a big correction is coming

i fear for my kids getting conned by e a talk

can you be my dad?

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  • 10 months later...

Price in areas such as S10 and S11 still going up markedly. Almost every house I viewed that wasn't an ex rental went 8-15% above asking within days of being listed - according to the land reg. Ex rentals closer to asking but generally a few % above. I had someone pull out on the day of exchange. They sold for 10% higher a few days later.

Starting to see low quality houses in not so good areas near S11 hit the £300k mark, it's insane.

Edited by miggy
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Price in areas such as S10 and S11 still going up markedly. Almost every house I viewed that wasn't an ex rental went 8-15% above asking within days of being listed - according to the land reg. Ex rentals closer to asking but generally a few % above. I had someone pull out on the day of exchange. They sold for 10% higher a few days later.

Starting to see low quality houses in not so good areas near S11 hit the £300k mark, it's insane.

Its nearly always been this way, at least since I have lived in Sheffield. I recall 4 or 5 years ago prices dropped somewhat, but the trend started again after a few years. Places like the universities an hospitals employ a lot of people who can afford to buy - but there are not enough houses to go round leading to fierce competition.

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Price in areas such as S10 and S11 still going up markedly. Almost every house I viewed that wasn't an ex rental went 8-15% above asking within days of being listed - according to the land reg. Ex rentals closer to asking but generally a few % above. I had someone pull out on the day of exchange. They sold for 10% higher a few days later.

Starting to see low quality houses in not so good areas near S11 hit the £300k mark, it's insane.

I know a family selling in S11. A largish pre ww1 villa style terrace, nice enough but the thick end of half a mill!!! They've had wannabee buyers trying to snatch their hands off for months. Problem is that the demand is so much over supply that they can't find the right place to move to (smaller, south facing garden etc.) in S10/S11.

If your not prepared to take the money and run, and move out into the sticks then the market must be really constipated.

I suspect tha a big slice of the market is S10/S11 folk essentially doing house swaps with a cash adjustment. It must be nigh on impossible for 'ordinary' workers who don't already have skin in that market to get a place. It'll be Stabbington Academy in town for their kids...

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I've been here 20 years and STR in 2011. Finding it very hard to buy somewhere again though.

It's noticeable that many of the buyers (from conversations) are doing it with parental money, not their own, with the odd downsizer. The existing residents, often families with young kids, are struggling to get somewhere better themselves because of the price differential and lack of supply.

Anecdotal but it feels like the supply problem is markedly worse than last year. I've barely looked at anything in 6 months whereas last year I was in constant viewing mode.

Edited by miggy
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  • 4 years later...
 

In all the middle class areas (walkley,crookes, crosspool) everything is pretty much selling straight away. Seems people are not worried about their jobs being made redundant. Asking prices seem to have increased an awful lot this year.

Always check the data

https://www.home.co.uk/guides/house_prices_report.htm?location=s6&all=1

Detached houses have tracked inflation since 2004ish. Getting harder to sell though.

The rest have not.

Not a huge fall off in sales. Most Northern postcodes I visit tend to have sales at ~1/3 of the number of pre 2008 transaction. Sales are down but not hugely

 

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