After a few teasers on our news pages so far in 2021, this month sees us launch our unLTD property focus with a bang.
And what better way than by asking the experts from across the Sheffield City Region (SCR) with a special property themed If You Ask Me feature?!
From current trends to emerging opportunities and a few predictions thrown in, too – over the next few pages we chat to estate agents, auctioneers, and property investors.
So read on as Matt Holmes, Dan Laver and Bronte Saulle chat to a range of local industry professionals to get the SCR and national lowdown on the property market – and the developments to look out for, too.
Mark Cody, property services director, Resonate Poperty
What are the stand-out trends you see currently in your industry?
The property market both within the Sheffield City Region and the wider UK continues to experience price growth. Much of this growth over the last 12 months has been attributed to the increased demand stemming from the COVID-19 pandemic coupled with the financial support received by the industry from the government. The market is shifting.
Due to homebuyers and tenants looking for larger properties and more external space, we are seeing greater numbers of investors drawn to access these markets by providing properties that can work for a mix of target buyers and tenants with additional space both in and outdoors.
Having recently launched our lettings business – MOVR (www.movrhomes.com) – we have observed particular shifts in the number of bedrooms required, to the size of rooms and extra features on offer from tenants looking to up-size or change property type altogether. We have also seen tenant demand sky-rocket, taking an average of more than 25 enquiries per property within a day of marketing.
Looking ahead, how do you see these trends developing and what are your predictions for the next big opportunities lying ahead for the property market?
The future of the property market does remain uncertain but with continuing support from the government over the short term and a staged reduction of the same over the medium term, we are likely to see continued moderate growth within the market for both homebuyers and investors and predict price rises of around four per cent in 2021, down from more than seven per cent in 2020.
Investors should be wary about the potential to overpay for a property which could end up costing them over the course of their ownership. If you’re investing in property, it remains imperative to look for properties with good fundamental investment benefits to safeguard your future success. Buying the right properties at the right price will afford investors great opportunities as the market continues to navigate the pandemic and an uncertain future.
In the Sheffield City Region, what are the biggest trends and opportunities we should be looking out for locally?
Due to the current economic situation and the development that is already underway within the Sheffield City Region, there are abundant opportunities for those looking to invest in property within South Yorkshire. However, choosing the right areas for both targeting and letting to the right tenants remains critical.
We’re continuing to secure properties at great value and put the right tenants into those properties for investors, helping to maximise their time and the opportunities currently on offer. We are very excited and optimistic about the coming months and expect that ‘steel city spirit’ of Sheffield City Region to boost us after the significant changes brought about by the pandemic.
James Holding, regional auction manager, Auction House South Yorkshire
What are the stand-out trends you see currently in your industry?
We have seen a move towards virtual eventing such as our very successful Livestream auction format. This is unique to Auction House in South Yorkshire and is, in essence, a televised live auction with our auctioneer taking bids in real-time from the internet, telephone and by proxy. This has resulted in competitive bidding which has translated into very strong end values for our vendors, regularly matching or even surpassing market value; this has translated into a success rate in excess of 95 per cent for our Livestream auctions since we began them at the start of the COVID pandemic.
A further trend has been the move towards video viewings due to social distancing and reducing contact, as well as the increased reach of social media channels such as Facebook and Instagram, with AHSY one of the first companies to standardise video viewings prior even to the COVID landscape.
Looking ahead, how do you see these trends developing and what are your predictions for the next big opportunities lying ahead for the property market?
I am strongly of the opinion that the COVID epidemic has changed the traditional in-room auction format forever and if, and when, we are allowed to return to the traditional auction room, we would be looking to implement a hybrid scheme whereby buyers have the option to either bid via the Livestream system or attend in person if they still wish to do so.
We are also finding that a majority of buyers are purchasing property without having had a physical viewing and I think this will continue, aided by the fact that we endeavour to have comprehensive legal packs available for any properties listed in our auctions prior to the event and advise potential buyers to read this information accordingly.
In the Sheffield City Region, what are the biggest trends and opportunities we should be looking out for locally?
I think that the Sheffield City Region continues to be a standout region in which to invest in property and continues to present many opportunities for either seasoned or first-time property renovators to be successful within the sector. This is aided by strong resale values and higher yields that are still achievable within the region, as opposed to other populated areas further south or indeed, in cities such as Leeds or Manchester.
Projects such as Heart of The City II will only aid this growth and reinforce that the Sheffield City Region is a true Northern Powerhouse in respect of its economy and subsequent benefits that this brings to the property sector and businesses such as Auction House South Yorkshire.
Wayne Fletcher, founder and director, Austin Fletcher
What are the stand-out trends you see currently in your industry?
We have seen a rising interest in a number of our services, one area in particular being health and safety. This has been emphasised by the pandemic and, although we will see some of the COVID-related services drop off as we start to ‘return to normal’, we expect a number of the trends to become the new normal and continue in demand.
COVID-compliant office space and distanced working practices are a hot topic now as businesses look to welcome more staff back to the office environment.
The residential sector seems to be running full steam ahead from what we have experienced, and we expect this will continue due to demand for housing and the release of land by local authorities for future developments.
Looking ahead, how do you see these trends developing and what are your predictions for the next big opportunities lying ahead for the property market?
Restructuring of office space and the introduction of COVID-compliant useable space will inevitably be a priority for those who are not yet compliant as we continue to live with the virus. Although the current working from home trend will continue indefinitely for some, there will still be a need for an office environment for a lot of businesses, albeit in some cases with a reduction in capacity involving a hot desk/flexible working environment or shared space approach.
We will no doubt see a shift in the way city centres are perceived and utilised going forward and this should create opportunity for regeneration and repurposing of existing buildings. A focus on improved health and wellbeing should encourage the creation of open green spaces in city centres and air quality upgrades to existing office spaces.
I expect the hospitality industry to make a resurgence – we have already seen several measures and incentives being put into place by the government and this, coupled with post lockdown public demand, will likely create a boom in the sector.
In the Sheffield City Region, what are the biggest trends and opportunities we should be looking out for locally?
Hospitality, as noted previously, should start to bounce back and Fargate, in my opinion, is the prime location for the creation of a ‘hospitality hub’ in Sheffield’s centre. We have already seen some confidence from our clients in this sector with one of our projects recently starting on site on Fargate itself.
The restructuring of Sheffield city centre will continue to create opportunity and help the city ‘adapt to change’ regarding the way we work and how we use our city centres in the future.
We are starting to see more interest in the city for a variety of development opportunities which is an exciting prospect going forward.
Claire Shipman, area manager of Redbrik North West Sheffield
What are the stand-out trends you see currently in your industry?
It’s a great time to sell, as there are plenty of buyers and not a high level of sellers. There’s demand for all property types, but as ever, well-presented and modern properties sell fastest and at the best price.
Looking ahead, how do you see these trends developing and what are your predictions for the next big opportunities lying ahead for the property market?
We’re predicting a busy spring for the property market. It’s an excellent time for homeowners to maximise their property’s value as lockdown restrictions ease further. This will continue to increase demand and make for an even more buoyant sales market.
The S35 and S36 areas, in particular, are growing in demand – on top of the development of transport links, new restaurants, and stylish new-build estates is that increased buyer interest in properties outside of the city, with more green space.
In the Sheffield City Region, what are the biggest trends and opportunities we should be looking out for locally?
Investment opportunities for landlords – the rental market has strengthened over the last 12 months both in and around the city. If you’re looking to invest, I’d advise you to buy now while the area is on the up and benefit for years to come.
Rochelle Gilburn, director, Gilburn Investment Group
What are the stand-out trends you see currently in your industry?
We are in a sellers’ market. For every property on the market, up to 40 people are viewing in the first few weeks and very few properties are sticking around long. Investors are competing with first time buyers willing to pay more for a property. A common conversation with investors is there are no deals to be had. However, we have proved them wrong by delivering the deals they are looking for.
It is more difficult, but we are actively out viewing on and off-market properties, being proactive and putting in offers.
Looking ahead, how do you see these trends developing and what are your predictions for the next big opportunities lying ahead for the property market?
At some point the bubble will burst. Once the government relax their artificial stimulus, we will see an increase in properties for sale, a decrease in buyers and house prices will start to drop.
In an upward market, we need to be wary of not getting caught up on over-inflated prices. We advise clients to buy properties that have value to be added value straight away to help protect from any downturn.
While investors are struggling to find deals on the open market, there is an increasing trend in commercial to residential developments – this is likely to increase as a result of lockdown, businesses closing, and units left empty.
In the Sheffield City Region, what are the biggest trends and opportunities we should be looking out for locally?
There is not enough housing for the growing population so the government have already begun to relax the planning process which will make turning an old bank or shop into apartments much easier.
If you own an empty commercial unit, it’s worth considering whether it would be prime for residential development. Or if you spot an empty building, enquire to see if they are willing to sell.
