300 more new homes have been backed by Rotherham City Council in Grange Lane, Maltby. In a decision approved on the 11th April, they will add to the 100 new homes already under construction at the newly named Lambcote Meadows site.
The development marks a significant step forward in addressing the local housing shortage and will offer a variety of housing options catered to different demographics.
While property developers, Jones Homes, seek to fill these residences, it’s worth looking at the wider property trends in Rotherham this year and what to consider before planning a move.
Market Trends
The average house price in Rotherham stands at £158,528. This marks a 5.27% increase from last year, and on a monthly scale, reports show that market activity has been picking up around the UK since January 2024. These same reports suggest a dip overall this year is proving likely, and recommends selling earlier in the year while the market is favourable.
How To Sell Your Home Fast
In Rotherham, the average time for a house to sell is 107 days. This means a home going up on the market today will likely have to wait until July-August before an offer is accepted. For homeowners who may want (or need) to make the most of this year’s advantageous climate while it still lasts, there are ways to sell a home in less time. And if you are under pressure to sell a house in Rotherham, perhaps after inheriting a property or a divorce, cash-buying services speed up the process.
With funds going out in as little as seven days and no need to endure lengthy renovations, this method of sale has seen a rise in popularity in the last ten years thanks to the formation of the National Association of Property Buyers (NAPB) in 2013. Homeowners can feel secure and confident when selling to members of the NAPB, all of whom are obliged to register with The Property Ombudsman, ensuring clear, fair and professional standards.
Buying Your First Home
The Lambcote Meadows development in Maltby is set to provide 95 affordable homes, improving access for first-time buyers. Additionally, the government’s 95% mortgage scheme assists first-time buyers by allowing them to secure a mortgage with just a 5% deposit. This scheme, paired with the 32% of homes at Lambcote Meadows proposed as affordable, shows some promise to Rotherham locals aiming to jump on the property ladder. Several major lenders are participating in the scheme that will run until mid-2025, so it provides a timely option for prospective owners to act before the program ends.
As Rotherham expands with new developments like Lambcote Meadows and adapts to shifting market trends, opportunities emerge for both buyers and sellers. With strategic financial planning and an understanding of market timings, Rotherham residents can effectively navigate these changes as they move homes in the coming year.
