Sheffield Steels Itself For A Tough Year Ahead
SHEFFIELD STEELS ITSELF FOR A TOUGH YEAR AHEAD
As with all major cities throughout the UK, Sheffield is gearing itself up for another difficult year ahead in 2009. However, the city is better positioned than many to weather the current storm, reports email4property.co.uk, the largest online network of local estate agents.
The property market in Sheffield has followed the decline experienced across much of the country this year, with a 6% fall in house prices recorded since the end of 2007 and sales decreasing significantly in 2008*. Apartments have suffered from the issue of oversupply seen across many of the country’s northern cities, and as a result prices for this property type are down 6% on 2006, when property sales in
Sheffield reached their peak.
However, the city’s wide appeal has ensured it remains a popular destination, with an increasing number of people choosing to move to the area in recent years. Sheffield has a rapidly growing business spectrum and increasing student population. The social scene has also improved significantly to keep up with the regeneration of the city centre, and this has complimented the existing attractions, which include some of the top regional theatres in the country.
David Bexon, Managing Director of email4property, comments:
“Sheffield offers an appealing lifestyle option to home buyers and renters living and working in Yorkshire. The city has been transformed over the past decade, with some superb new developments and converted buildings offering an excellent new selection of homes. It is also one of the greenest cities in the country, thanks largely to its crossover with the Peak District National Park, offering access to many woodlands, public parks and nature trails.”
Bexon adds:
“Sheffield is unlikely to experience a prolonged decline in house prices. There remains a massive demand for housing here, indicated by the increasingly active rental market. The current stall in housebuilding will result in a major lack of supply over the coming year, which will ultimately drive strong house price growth in the medium to long-term.”
Terraced and semi-detached homes have proved the properties of choice for buyers in Sheffield, buoyed by the extensive student population. Prices for these property types have recorded the smallest price falls during the recent downturn.
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