On top of an average increase of around 10% (March 2022) in the national asking price, this is very good news for sellers in Sheffield.  Following the COVID pandemic, demand is high and still outstrips supply.  Competition remains high, with Sheffield being the third most competitive city in the country, according to Right Move.

Buyers are having to move quickly, and there is little room for manoeuvre on the asking price.  Indeed, on average in 2021, sellers in England achieved 97.9% of their asking price. Nationally, Yorkshire and the Humber is at the top of the performance league, achieving an average of 98.2% of the price being asked.

Sheffield is the only city where buyers paid more than the original asking price for their houses, although a further 26 areas only just missed out, where buyers paid between 99.1% and 99.9%.  Our region fared well, with North East Derbyshire sellers achieving 99.5% and High Peak sellers achieving 99.3% of the asking price for their property in 2021.

Caroline Murray, partner and head of Graysons’ property team said:

“Of course, this is good news for people selling property in our region at the moment.  We have certainly seen a decrease in the traditional downward negotiation of prices recently, with buyers prepared to pay at least the asking price – and making an offer quickly!  While demand is still high and supply lower, it is likely that the increases in interest rates and the cost of living will lead to a change, with buyers unwilling or unable to pay more than, or such a high percentage of asking prices.”

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Author: Caroline Murray, partner and head of Graysons’ property team.