Investors in Sheffield remain confident in the housing market in the city, if the latest auction results are anything to go by.
Mark Jenkinson & Son’s most recent auction in the Steel City saw sales of nearly £3.8m, suggesting that the property market is buoyant following the Brexit vote.
Sales
The auctioneer present said that he managed to sell 30 out of 35 lots on offer, including three post-auction transactions.
Sales at the auction at Sheffield United’s Bramall Lane included an old people’s home and a public toilet!
Adrian Little, auctioneer and partner at Mark Jenkinson & Son, believes the sales represent a ‘healthy state of affairs’ in the city’s housing sector.
The highest price fetched on the day of the auction was £415,000 for an eight-flat building in Steade Road, Nether Edge.
Sheffield’s property market showing steely resilience
Positive
Mr Little observed: ‘I think the sale was a really positive example of what’s going on in the market. It’s (the sales success rate) probably higher than it was at the peak of the market in 2006 and 2007. It’s a very strong overall level.’[1]
Little believes that the auction is a small barometer of what is going on in the wider market in the city. He believes that investors are continuing to purchase property at auction as they are ‘confident’ that it remains the best way to invest in bricks and mortar.
[1] https://www.propertyinvestortoday.co.uk/breaking-news/2016/10/sheffields-property-market-remains-very-appealing