Sheffield is a hotspot for sales of detached houses as landlords eye bargains and invest in city property, research reveals.
The city was fourth on a list of top sales for detached homes bought, with 1,107 sold during 2021. That figure rose from 795 sold in 2011, making a 39 per cent increase in 10 years.
The data is from house buying company Open Property Group which found that Northern cities in England sell up to 2,200 detached houses annually, considerably more than detached property sales in the South.
Using the latest house price statistics data, it found that detached property sales in Leeds totalled 2,296 throughout the year of 2021, in comparison to Portsmouth which only sold 114 detached properties during the same time period.
What does this mean for the North-South divide in terms of property stock and the growing desire to relocate to the north?
Openpropertygroup.com managing director Jason Harris-Cohen said: “The Government’s Northern Powerhouse project – its vision for a super-connected, globally-competitive northern economy – has allowed many northern cities to evolve quickly and the advancements haven’t gone unnoticed.
“Increased opportunities and a lower cost of living in the North has turned the heads of many home movers, especially Southerners, as prices have become unaffordable to upsize where they currently live and now have the flexibility to work remotely.
“When it comes to moving home, much has been made of the ‘race for space’ over the last two years but our analysis clearly shows that the phenomenon is real.
“Increased buyer traffic is moving North. Purchasers are lapping up the ability to buy a detached property somewhere in Leeds or Birmingham, for example, for the same price as a one-bedroom flat in parts of London or the Home Counties,” added Jason.
“The sale of detached properties in Northern cities has also been bolstered by landlords chasing the best returns.
“Recent analysis found the UK’s best yields were the North East – 8.7 per cent; Yorkshire and Humberside – both 7.5 per cent – and the North West at 6.7 per cent. It’s a no-brainer if landlords can sell a Southern-based investment, turn a profit, and reinvest in a detached buy-to-let in the North, with a better yield and money to spare,” concluded Jason.
Stoke-on-Trent experienced the biggest detached property sales increase over a 10-year period, at 181 per cent. In 2021, detached house sales amounted to 1,028, in comparison to the 365 detached houses sold in Stoke-on-Trent in 2011.
At the other end of the scale, Cambridge and Oxford’s 2021 detached property sales were 152 and 154 respectively. Oxford was the only city which experienced an annual decrease in detached property sales of 0.6 per cent when comparing sales in 2021 to 2011.
Open Property Group helps people sell their properties quickly. They buy all types of properties, in any condition, throughout England and Wales.
Homeowners benefit from selling their houses fast, with a completion date fixed to the owners’ requirements. By selling directly, you pay no agent fees and can plan ahead with certainty. We also pay your agreed legal costs too.
Author: Rob Hollingworth