Sheffield house prices up 4.2 per cent in last year - but still below 2007 peak

House prices are increasing in Sheffield

House prices are increasing in Sheffield

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House prices are increasing in Sheffield - but are still yet to return to the levels before the global financial crash, a new report has revealed.

The average cost of a house in the city has gone up by 4.2 per cent in the past year and 2.4 per cent in the last three months alone.

But property analyst Hometrack said house prices in the city are still 3.2 per cent below their 2007 peak.

The average house price in Sheffield is now £130,560.

At their highest point in 2007, houses in the city cost an average £134,737.

Across the country, house prices jumped by the highest quarterly level in 11 years, as demand for housing continues to outstrip supply.

The average price of a house in the UK’s top 20 cities is now £227,100 - up from £214,800 in February.

The report said a combination of low mortgage rates, economic growth and rising earnings continue to stimulate demand and put upward pressure on house prices.

But it adds that in all of the 20 cities it surveys, except Aberdeen, house price growth is greater than the current 2.4 per cent increase in average earnings.

The survey said house prices in Bristol grew 8.6 per cent over 12 months, with Edinburgh rising eight per cent and Southampton lifting 7.1 per cent over the same period.

However, at the head of the pack is Cambridge, which saw prices grow 10.9 per cent year-on-year, followed by Oxford at 9.8 per cent and London with 9.4 per cent growth.

Hometrack director of research Richard Donnell said: “There remains further upside for city level house prices over the remainder of 2015.”

He added: “As an international city, London is out on its own, setting new highs for prices and affordability.

“How long this can be sustained is down to the prospects for the different segments of demand, specifically international buyers, domestic investors and domestic home owners.”

The three cities that are furthest below their 2007 peaks are Belfast, where average house prices are 47.6 per cent of what they were in eight years ago, followed by Liverpool, where prices are 13.2 per cent cheaper, and Glasgow, where they are 11.2 per cent lower.

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