The Rotherham property market continues to disregard the end of the world prophecies of a post Brexit fallout with a return to business as usual since last summer’s break.
The challenge every Rotherham property buyer has faced over the last few years is a lack of choice – there simply hasn’t been much to choose from when buying.
Whether you are buying a property for investment or owner occupation, levels are still well down on what would be considered healthy levels from earlier in this decade. Why? There is still a substantial demand/supply imbalance.
Until we start to see consistent and steady increases in properties coming on to the market in Rotherham, it is likely to see upward pressure on property values continue.
For example, in S62 the average number of houses coming onto the market each month has numbered between 20 and 30.
With the average Rotherham property value hitting a record high, reaching almost £141,450, this shortage of properties on the market over the last two years has contributed to this ‘fuller’ average property figure.
As I write this article,
2.73% of the total Rotherham properties are up for sale.
In terms of actual chimney pots, that equates to 899 properties on the market in Rotherham (within 3 miles of the centre of Rotherham) – which, when compared to only a year ago when that figure stood at 994, is a decrease worth consideration. Split down into the type of property, it makes even more fascinating reading…
- Detached Properties in Rotherham – 221 on the market a year ago compared to 155 on the market now – a decrease of 30%
- Semi Detached Properties in Rotherham – 436 on the market a year ago compared to 387 on the market now – a decrease of 11%
- Terraced Properties in Rotherham – 158 on the market a year ago compared to 232 on the market now – an increase of 47%
- Flats / Apartments Properties in Rotherham – 85 on the market a year ago compared to 92 on the market now – an increase of 8%
Many believed that the Rotherham property market wasn’t going to be strong enough post Brexit. There was a sellers’ market before the Brexit vote and buyers’ market in the early months after it… the market may now be somewhere in between and it might just be coming back into balance.
However, all this will mean property values won’t continue to grow at the same extent they have been over the last 12 to 18 months.
In fact, in some months (especially on the run up to Christmas and early in the New Year), values might dip slightly. This won’t be down to Brexit but a re-balancing of the local market – which is good news for everyone.