Sheffield’s ELR sees 9% sales increase due to demand from ‘ready to move’ buyers

Sheffield-based estate agents Eadon Lockwood and Riddle (ELR) saw sales increase by 9% in 2015 due to high demand from buyers who are ‘ready to move’ as soon as a property goes on the market.

In addition, due to a decrease in the number of homes being listed, coupled with an increasing number of first time buyers entering the market, the firm also reported that the average time it took until an offer was received had dropped to just a few weeks; with offers of around 3-4% over the asking price being commonplace.

The lettings department also reported a strong 2015 with the number of agreed lets increasing by over 20%, with around 80% of the properties now been fully managed by the agent.

Chris Thomson, managing director, said: “The last twelve months has demonstrated that Sheffield really is a sellers’ market at the moment; with so many homeowners committed to buying in certain areas and prepared to sit it out – in rental properties if need be - until the right property comes available.”

Chris also stated that the ‘funnel effect’ of having more buyers than properties has seen an increasing number of over-the-asking-price offers being submitted. A trend he expects will continue in 2016.

He added: “The criteria that buyers have has always been pretty consistent. Most people want good local amenities, access to good transport links and to be within the catchment area of a good school.

“As long as those key ingredients remain a priority for the masses we will always see high demand for relevant properties; and we have received a growing number of offers over the asking price – around 3-4% on average – with people wanting to fight off the competition and get the deal done.

“What we are finding at the moment, however, is that once people have managed to tick all of the boxes they are staying put; partly the result of not being confident that they will find somewhere else if they look to move on and up.”

The estate agents, which has offices in Sheffield and North Derbyshire, moved into Rotherham in 2015; opening a branch in Wickersley in the summer. The branch achieved its first completion within just 11 weeks.

Chris concluded: “We are delighted to have had such a great year at ELR, we’ve seen a steady increase in sales, the opening of our first branch in Rotherham and two successful auctions which puts us in a great position to move forward into 2016.

“We’re certainly looking forward to 2016 and I would like to thank the whole team, as well as our valued clients, for a very encouraging year.”

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