If you’re looking to buy or sell a house in Rotherham, you may want to know if now is the right time to move.
In this post, we’ve reviewed the key data points to help you understand the Rotherham housing market as we move further into 2024.
The current state of the Rotherham housing market
According to data from Rightmove, the average overall house price in Rotherham was £173,232 back in 2023.
This figure shows that Rotherham has a lot of affordable housing. But how does it compare to the UK average?
Newly marketed houses in the UK are, on average, priced at £368,118.
This means that house prices in Rotherham are almost half the national average.
Types of property impact values
There is considerable variation in the price of different house types in Rotherham.
At the lower end, terraced houses have fetched an average price of £122,618 in the last year.
Detached houses in the area sell for £289,927. And semi-detached houses have an average sale price of £168,036.
Rotherham’s general market drop
Rotherham has experienced a 4% drop in sold prices compared to the previous year.
Many factors influence house prices, but they typically go down with demand. And Rotherham is one of many areas in the UK where demand for housing has taken a hit.
According to Plumplot, Rotherham property prices fell by 39.2% in the last year.
Land Registry data helps contextualise this information.
It shows that house prices in Rotherham grew steadily for several years, before peaking at £188,306 in November 2022.
Since then, they have fluctuated month to month, falling £10,000 below the peak in Spring 2023 before rising again towards the end of the year.
As of February 2024, they were £181,596 on average.
What will happen to the housing market in Rotherham?
Predicting how housing markets will change is notoriously difficult.
They are at the whim of a global economy that can change suddenly. For example, the war in Ukraine quickly led to an energy crisis in the UK, which has cost the equivalent of £1,000 for every adult.
The energy crisis has, in turn, negatively impacted the property market.
However, there are a few positive signs to pay attention to. Inflation dropped to a 2 ½ year low in March, which suggests interest rates could soon come down, too – this would make mortgages more affordable.
The Royal Institute of Chartered Surveyors (RICs) polled thousands of estate agents and found an increase in new buyer enquiries in March 2024.
And mortgage approval rates have increased recently.
Is now a good time to buy and sell in Rotherham?
There will never be a perfect time to buy or sell a house, but the market is currently said to favour buyers.
Due to the drop in demand for housing in Rotherham, the average seller may be open to dropping their asking price.
Many sellers across the country have had to lower their asking prices to attract buyers. In December 2023, Rightmove found that the average asking price for a UK home fell by nearly £7,000.
If you can afford a house, now may be an excellent time to take advantage of the lower house prices.
However, there are still several obstacles to the housing ladder. You will still need to have a deposit and pass mortgage eligibility checks. Government schemes and mortgage brokers may be able to help to a degree.
On the other hand, selling a house in Rotherham will be easier in some areas than others.
Areas with good schools and low crime rates, like Wickerlsey, remain in high demand. Desirable houses here will probably receive no shortage of offers.
Properties close to Rotherham’s town centre are typically slower to sell. So, it could be a different story in Bradgate and Clifton.
If you need help to sell your property in Rotherham, We Buy Any Home could be the buyer you’ve been waiting for.
As the UK’s top cash house buyer, we’re interested in purchasing all types of houses in Rotherham, regardless of their condition. If you need more faith in estate agents or want to avoid the open market, contact us today to sell your house in Rotherham fast.
